HSBC

Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
4,000 - 14,000 jobs
Number of planned job losses
Job loss
Announcement Date
15 May 2013
Employment effect (start)
16 May 2013
Foreseen end date
31 December 2016

Description

HSBC will cut up to 14,000 jobs over the next three years. The bank announced that it will intensify its cost saving program and strategic reorientation. CEO Stuart Gulliver said this would translate in the loss of between 4,000 and 14,000 jobs. Till now is not yet known which countries are going to be affected by this global restructuring plan. Since 2011 the company has eliminated 46,000 jobs worldwide. For information on the previously announced global restructuring see HSBC-WO2011.

Sources

  • 15 May 2013: Bloomberg
  • 15 May 2013: HSBC (press release)
  • 15 May 2013: DeTijd

Citation

Eurofound (2013), HSBC, Internal restructuring in World, factsheet number 75080, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75080.