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  1. 30,000 lay-offs, and more at risk

    Posted Aug 02nd 2011, 12:00am

    ... billion in pre-tax profit in the first half after several sell-offs, shut-downs and restructurings. HSBC closed retail banking businesses in Russia and Poland. It disposed of three non-strategic ... Lulu Chen lulu.chen@scmp.com HSBC could post further job cuts on top of the 30,000 lay-offs announced yesterday if Britain's Independent Commission on Banking (ICB) imposes new ...

  2. HSBC cost-cutting plan might affect Asian operations

    Posted May 14th 2011, 12:00am

    ... Tang, executive director of Sun Hung Kai Financial, said HSBC's plan was not just about saving money but was also part of an overall business restructuring. 'If the cost-cutting plan is successful, it would make HSBC more attractive. However, the key is still on its financial performance and overall business restructuring and not simply cost-cutting,' Tong said. The bank ...

  3. Fuming HSBC closer to shifting its HQ

    Posted Nov 10th 2011, 12:00am

    ... raising equity if the bank went for any acquisitions. HSBC reiterated that it would not cut, but only restructure, jobs in Hong Kong. The bank announced in September that it would cut 3,000 jobs. ... Lulu Chen lulu.chen@scmp.com Stricter capital rules in Britain could push HSBC a step closer to shifting its headquarters out of London, with chief executive Stuart Gulliver fuming ...

  4. HSBC seeks to sell general insurance unit

    Posted Sep 29th 2011, 12:00am

    ... of the bank's restructuring plan. At HSBC's investor strategy day in London in May, chief executive Stuart Gulliver said he would sell non-core businesses as well as close loss-making businesses ... Enoch Yiu enoch.yiu@scmp.com HSBC Holdings is approaching a number of European and Japanese insurers in an attempt to sell its worldwide general insurance business, according to people ...

  5. HSBC to axe 3,000 Hong Kong jobs

    Posted Sep 08th 2011, 12:00am

    ... Lulu Chen lulu.chen@scmp.com HSBC, one of the city's biggest employers, is to axe 3,000 jobs by the end of 2013 - approximately 10 per cent of its local workforce - as part of the bank's global restructuring. The layoffs would affect all sections, said HSBC Asia-Pacific chief executive Peter Wong Tung-shun. But the primary focus will be on support functions, such as legal, ...

  6. Cost-cutting plan does little for HSBC shares

    Posted May 22nd 2011, 12:00am

    ... Enoch Yiu enoch.yiu@scmp.com Investors have snubbed HSBC's multibillion-dollar cost-cutting plan, with the announcement failing to push up the price of its long-underperforming shares. HSBC shares closed at HK$81 on Friday after trading between HK$80.55 and HK$83.05 in the days since the lender unveiled on May 11 its biggest cost-slashing plan. On May 9, the shares ...

  7. HK and Asia-Pacific spur HSBC profits to US$11.1b

    Posted Aug 02nd 2011, 12:00am

    ... May Chan may.chan@scmp.com Hong Kong and Asia-Pacific led growth in HSBC's global revenues as the region's economic momentum continued to outstrip North America, Europe and Latin ... record-breaking initial public offerings and its status as the world's third-largest financial centre. Despite the current restructuring of the bank, which had already seen 5,000 jobs axed ...

  8. More heartbreak on the way as HSBC wields the axe

    Posted May 17th 2011, 12:00am

    ... Enoch Yiu HSBC in the early part of the last century was known as the 'Heart and Soul Breaking Corp' because of the unofficial house rule that banned junior international staff ... it would close loss-making business and branches as well as reduce headcounts in order to cut global expenses by US$2.5 billion to US$3.5 billion a year by 2013. For HSBC's 269,000 staff, ...

  9. HSBC net profit climbs 57.8pc in quarter

    Posted May 10th 2011, 12:00am

    ... Lulu Chen HSBC Holdings' earnings jumped 57.8 per cent in the first quarter, but chief executive Stuart Gulliver said it could take three years for the bank to reach its key cost ... strategy to cut costs. For every GBP1 billion (HK$12.73 billion) of savings, HSBC's cost-income ratio could decline by 2.3 percentage points and pre-tax profit could rise 7.2 per cent ...

  10. Turnaround is still a distant prospect for HSBC investors

    Posted Aug 02nd 2011, 12:00am

    ... the next couple of years. At first glance it might look from yesterday's results as if the restructuring is already working. Not only did HSBC's profits increase in the first half ... Tom Holland Shareholders got a pleasant surprise yesterday, when banking giant HSBC announced first-half profits of US$8.9 billion, up 35 per cent from the same period last year. After ...




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