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Thousands more jobs at risk at HSBC

Up to 5,000 jobs may be at risk as part of HSBC’s $1bn (£662m) savings plan, according to a report in today’s Financial Times.

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HSBC reported a pre-tax profit of £13.7bn for 2012 when its annual results were published earlier this month – down 5.5 per cent on the £14.4bn figure recorded for 2011.

The FT reports Stuart Gulliver, the bank’s chief executive, has pledged to find $1bn in annual savings in 2013 which could see up to 5,000 staff let go.

HSBC has cut staff numbers from 302,000 to 260,000 over the past two years. Sources told the FT the proposed job cuts could be more severe if Gulliver proceeds with plans to move away from in-house software development.


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HSBC withdraws from interest-only too

HSBC has become the latest lender to withdraw interest-only mortgages, following in the footsteps of other high street lenders including Nationwide and Royal Bank of Scotland.

Repossessions due to finance trouble see dip

The number of homes which owners were forced to give up due to financial pressures fell by 54 per cent between 2010 and 2012 compared with the period running from 2005 to 2009. Castle Trust has analysed the latest ONS English Housing Survey and found fewer than 12,000 homes a year were given up as […]

piggy, cash, money

Reassuringly focused on claims

By Ross Jackson, senior protection marketing manager We’re sure you’ll have heard your customers say ‘But insurance companies don’t pay claims’ when giving a reason for not wanting to take out protection. In fact, our State of the Protection Nation research showed that 27 per cent of consumers asked didn’t think protection providers paid out […]


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