HSBC set to announce more job cuts to make it leaner and meaner
HSBC could announce more job cuts on Wednesday, when investors will be told that the chief executive, Stuart Gulliver, will push ahead with plans to produce a leaner, more streamlined bank.
The company has already reduced its global workforce from 300,000 to 254,000 through redundancies and the disposal or closure of 52 businesses since 2011.
Nine units have been dispensed with this year, including an exit from Panama, and the bank could dispose of up to 20 more businesses over the next two years.
But Mr Gulliver, pictured, has already signalled the need to keep a lid on costs, which could be partly accomplished by more redundancies.
The bank's chief executive has been attempting to pull off the tricky task of imposing more central control over HSBC's far-flung businesses while at the same time reducing the firm's notorious levels of bureaucracy.
This follows the nearly $2bn (£1.2bn) paid in US fines after investigators found that the company had been used as a conduit for "dirty money".
The sales and disposals are part of the control process, as the bank abandons the practice of "flag planting" in as many territories around the world as possible.
Some 4,300 staff are due to transfer to new companies as a result of deals signed this year by HSBC, which still has prominent positions in some of the world's most dynamic economies.
- 1 Scarlett Johansson new band 'already hit with legal complaint' from another The Singles
- 2 Husband and wife die holding hands within hours of each other after 67 years of marriage
- 3 What color is The Dress, white and gold or blue and black? An eyewitness gives a definitive answer
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Husband and wife die holding hands within hours of each other after 67 years of marriage
Mohammed Emwazi: Nine things we know about Isis militant 'Jihadi John'
What color is The Dress, white and gold or blue and black? An eyewitness gives a definitive answer
'Jihadi John': Mohammed Emwazi – from British computer programmer to Isis executioner
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Oscars 2015: Birdman beats Boyhood as Eddie Redmayne and Patricia Arquette win big - as it happened
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
This is what it's like to be dead, according to a guy who died for a bit
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...