HSBC set to cut thousands of jobs globally, media reports say

2nd Jun 2015 07:01

HSBC is reportedly planning to cut thousands of jobs across its global workforce as it tries to reassure shareholders that its focus on costs remains undiminished after a series of reputational crises.According to Sky News, HSBC's chief executive Stuart Gulliver will set out a revised target for headcount at the investor day next week that will be implemented by the end of 2017.The exact number of job cuts that will be outlined on 9 June was not known, but sources cited by the broadcaster said it was likely to be between 10,000 and 20,000.It is understood that the headcount reduction announced next week will exclude the potential impact of the sale of HSBC's operations in Brazil and Turkey, where the bank does not disclose how many people work for it.The new jobs figure will also not take account of a possible eventual separation of HSBC's UK arm, which Mr Gulliver said last month was conceivable because of a requirement for big UK lenders to create separate ring-fenced entities by 2019.