HSBC plans thou­sands of job cuts: re­port

The China Post - - MARKETS -

Scan­dal-hit global bank HSBC plans to cut thou­sands of jobs across its global op­er­a­tions, broad­caster Sky News re­ported on Tues­day.

The num­ber of job cuts has yet to be fi­nal­ized, but “in­sid­ers said that it was likely to be be­tween 10,000 and 20,000,” Sky re­ported.

The cuts to be an­nounced by chief ex­ec­u­tive Stu­art Gul­liver at an in­vestor up­date on June 9 would be im­ple­mented by 2017, ac- cord­ing to the re­port.

A spokes­woman for the bank, which em­ploys 266,000 peo­ple around the world, de­clined to com­ment.

Europe’s big­gest bank has weath­ered a stream of scan­dals in the past year, in­clud­ing ac­cu­sa­tions its Swiss pri­vate bank­ing arm helped wealthy clients dodge taxes.

The Asia- fo­cused lender faces a French crim­i­nal in­ves­ti­ga­tion over the al­le­ga­tions.

Last year, it was separately fined by U.S. and Bri­tish reg­u­la­tors for at­tempt­ing to rig for­eign ex­change mar­kets.

In­vestors next week may be keen to hear whether the bank will re­lo­cate its head­quar­ters from Bri­tain, where it has been based since 1992.

Founded in Hong Kong and Shang­hai in 1865, Gul­liver has said the bank may re­lo­cate due to in­creased Bri­tish reg­u­la­tion and tax­a­tion of the bank­ing sec­tor.

HSBC cur­rently em­ploys 48,000 across Bri­tain, in­clud­ing around 8,500 at its Lon­don head­quar­ters.

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