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 This is what happens when you tattoo Charmander on yourself, drunk, and with no experience
- 2 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 3 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 4 The Batman v Superman: Dawn of Justice trailer has leaked – watch
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
If I’m being racially abused I don’t need a white stranger with a saviour complex to rescue me
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
Russian warships in English Channel 'to conduct anti-aircraft and anti-submarine military drills'
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...