British banking group HSBC (HBC-N49.300.430.89%) said Monday it will cut 30,000 jobs worldwide by 2013 and sell almost half its retail bank branches in the U.S., part of a new strategy to focus on fast-growing emerging markets.
The bank, which reported a better-than-expected 3 per cent increase in pretax profits to $11.5-billion (U.S.) in the six months to June, has already cut 5,000 jobs this year. Another 25,000 will be slashed by 2013, spokesman Patrick Humphris said.
HSBC currently employs around 296,000 people worldwide.
Mr. Humphris declined to give details of where the job cuts would be but said the group is still hiring in emerging economies such as Brazil and Mexico.
The move echoes similar announcements by other global banks, such as Credit Suisse, UBS and Goldman Sachs, who in recent weeks said they needed to trim payrolls to adjust to tougher market conditions.
What ‘Tough market conditions’? Are all these banks not making record profits? This is a deliberate sabotaging of developed nations’ economies and brings them down to the level of the third world; these policies do not lift the third world to the level of the developed nations. Are your ready for poverty? Learn to live on beans and toast, or better still on bread and water, the good times are history!