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.
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.