24th Nov 2015 06:25
LONDON (Alliance News) - HSBC Holdings PLC will cut 2,000 jobs in its commercial banking unit within a two-year period as part of its efforts to cut costs, according to media reports on Monday. The Asia-focused bank is already said to have started the job cuts last week, including hundreds of UK-based positions.
In June, HSBC said it is undertaking a significant reshaping of its business portfolio, and targets a reduction of Group risk weighted assets of about USD290 billion. The company said at that time that it expects these actions to eliminate 25,000 jobs globally and also intends to sell its operations in Turkey and Brazil.
HSBC closed Monday's trading at USD40.35, up USD0.04 or 0.10% on a volume of 1.74 million shares.
Copyright RTT News/dpa-AFX
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