HSBC has 13% fall in profits
(3 August 2011 – Australia) Profit from commercial banking, global banking and markets divisions impacted on HSBC Bank Australia’s first half pre-tax profit, with the bank reporting a 13.2 percent fall, to A$132 million.
Profit from retail banking and wealth management grew on a pre-tax basis, and assets grew by 13 percent and deposits by 17 percent, helped by investment flow with Asia reported HSBC.
On Monday its parent, HSBC Holdings, said it was slashing about 30,000 jobs to cut costs and revamp its business, as the banking giant followed through on a May plan to withdraw from some countries and refocus its operations on high-growth markets.
On top of 5000 jobs already under the axe in the US, Britain, France, Latin America and Middle East, about 25,000 further roles would be cut between now and 2013, chief executive Stuart Gulliver told reporters in London last night.
He said the bank was still hiring in some countries, though, and that the net headcount reduction from its current 296,000 could be much smaller.
On Monday its parent, HSBC Holdings, said it was slashing about 30,000 jobs to cut costs and revamp its business, as the banking giant followed through on a May plan to withdraw from some countries and refocus its operations on high-growth markets.
On top of 5000 jobs already under the axe in the US, Britain, France, Latin America and Middle East, about 25,000 further roles would be cut between now and 2013, chief executive Stuart Gulliver told reporters in London last night.
He said the bank was still hiring in some countries, though, and that the net headcount reduction from its current 296,000 could be much smaller.
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