UPDATE: HSBC profits rise, to cut 30,000 jobs

1st Aug 2011 11:42

Banking giant HSBC has unveiled a rise in profits and announced plans to cut up to 30,000 jobs. Pre-tax profits for the half year climbed by 3% from the same period the previous year, with strong performances from the retail banking and wealth management divisions, which benefited from fewer impairments, driving profits higher. Commercial banking profits rose by 31%, supported by revenues up 14% and customer lending up 12% compared to year end, HSBC said.The company remained profitable in all regions with earnings growing in Asia, Latin America, the Middle East and North America. "I am pleased with these results, which mark a first step in the right direction on what will be a long journey," said chief executive Stuart Gulliver.Speaking at a conference call after the announcement, chief executive Stuart Gulliver said that a further 25,000 jobs will be eliminated up to 2013, on top of the 5,000 that have already been cut. Related item: HSBC offloads New York branches for $1bnRG