HSBC to reveal cuts plan
Sunday 13 May 2012
Britain's biggest bank will this week update shareholders on its strategy to streamline operations that has already seen it reduce headcount by 14,000 in the past year.
Under chief executive Stuart Gulliver, HSBC has been withdrawing from markets where it lacks scale and focusing harder on growth opportunities in Asia.
The bank, which emerged from the credit crunch in better condition than most rivals, will update its plans on Thursday.
Last week HSBC reported a strong first quarter, with pre-tax profits – after excluding an accounting change caused by moves in the value of its own debt – rising by 25 per cent to $6.8bn (£4.2bn). Its investment banking is beginning to show improvement. On the downside, HSBC was forced to increase its provisions for mis-selling payment protection insurance by £290m to £745m.
Mr Gulliver has sold 27 non-core businesses since he took over as the bank's chief at the start of last year.
- 1 Scottish referendum: So how about the English now being given a chance to split from England?
- 4 Matthew Miller: American sentenced to hard labour in North Korea 'wanted to be Snowden II'
- 5 Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
London council removes 'unacceptable' Stamford Hill posters telling women which side of the road to walk down
Kim Kardashian 'nude pictures' leaked on 4chan in new celebrity hacking attack weeks after Jennifer Lawrence scandal
Isis in Syria: 60,000 Kurds flee terror in new exodus
Alan Henning kidnapping: British aid worker's wife appeals to Isis to release him
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Archbishop of Canterbury admits doubts about existence of God
Portuguese academic says British are 'filthy, violent and drunk'
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...