*****HSBC to cut 30k jobs*******

[dkchinnari]

1 August 2011 Last updated at 07:03 ET Share this pageEmail Print Share this page

836ShareFacebookTwitter.HSBC to axe 30,000 jobs despite pre-tax profits rise

The announcement came as the bank reported pre-tax profits for the first six months of the year of $11.5bn (£7bn), up 3% on the $11.1bn the bank made a year earlier.

HSBC said it did not expect any of the new job cuts to fall in the UK.

The bank had already announced 5,000 job cuts, 700 of which are in the UK.

Together, the job cuts amount to about 10% of HSBC's total workforce, although the company stressed it will also be recruiting staff by 2013.

"The net number will be a lot smaller than the 30,000 [job losses]," said group chief executive Stuart Gulliver.

As well as the job cuts, bank said it is closing its retail banking operations in Russia and Poland and selling three insurance businesses as part of pre-announced plans to save $2.5bn-$3.5bn by 2013.

On Sunday, it announced the sale of 195 US retail branches, primarily in New York, to First Niagara Bank for about $1bn.

[url=http://www.bbc.co.uk/news/business-14362471]http://www.bbc.co.uk/news/business-14362471[/url] cry@fl cry@fl cry@fl cry@fl

[k2s]

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[Anta Assamey]

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[katharnak]

[quote author=Anta Assamey link=topic=219157.msg2699542#msg2699542 date=1312232984]
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[/quote]

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