HSBC, the largest UK headquartered bank by assets, will cut up to an additional 14,000 jobs worldwide in an effort to save up to £2bn ($3bn) over the next three years.
The latest reduction in headcount would bring total employee numbers to a total of around 240,000 to 250,000.
The latest cuts are part of HSBC CEO Stuart Gulliver’s ongoing three year restructuring plan to reduce costs and increase profitability.
In the past two years, HSBC job cuts have totalled around 46,000.
During the same period, HSBC has disposed of or closed around 52 business units.
HSBC will continue to focus on selling assets and expanding its business in faster growing markets in Asia.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData