Mon Mar 18, 2013 10:22AM
HSBC, Britain’s and Europe’s biggest bank by market value, is set to cut thousands more jobs as part of chief executive Stuart Gulliver’s plans to find a further $1 billion of annual savings in 2013. The job cuts are expected to be anywhere between 5,000 to 10,000, with the figure deemed to be close to the latter if the bank keeps its current rate of staff cuts. The London-based banking group had set a target to save $2.5-$3.5 billion by 2013, which is already obtained with the bank announcing -$3.6 billion of “sustainable annual savings” at the end of 2012. The new job cuts and savings are part of a strategic restructuring plan to be spelled out in two months. They are meant to get the bank near its other target of bringing down its cost-income ratio to between 48 and 52 percent from the current 62.8 percent. HSBC has fired 42,000 personnel over the past two years. AMR/HE