HSBC is to axe as many as 25,000 jobs as it targets annual cost cuts of up to $5bn a year in a bid to streamline Europe’s biggest bank by assets.
Unveiling his latest plan to improve the bank’s fortunes, Stuart Gulliver, chief executive, said the number of full-time job cuts equated to a like-for-like reduction of 10 per cent of the 266,000 workforce.
Payrolls will be further trimmed by shunting staff to low-cost locations, and introducing greater automation and process efficiencies. Roughly half the job cuts — between 12,000-13,000 — will be absorbed by automation and consolidation.
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