HSBC is set to shed at least 10,000 jobs, or about 3 per cent of its headcount, as the global banking group implements sweeping cost cuts aimed at reversing falling revenues.
The cuts are part of a broad overhaul that analysts estimate could see up to 30,000 jobs eliminated over time, most of them outside the UK. The bank, which unveils first-half figures on Monday, is preparing to shut almost half of its 86 global retail businesses and reshape its commercial and investment banking divisions.
Stuart Gulliver, HSBC chief executive, is under pressure to provide more details on where the axe will fall after setting out broad plans to cut costs by up to $3.5bn over three years.
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