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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. HK won't be spared as bank cuts jobs

    Posted Aug 03rd 2011, 12:00am

    ... in the US, the crisis in the euro zone and uncertainty in the Middle East. Despite reporting better-thanexpected first-half profit of US$11.1 billion, HSBC is continuing with restructuring plans ... Lulu Chen lulu.chen@scmp.com HSBC staff in the Asia-Pacific region, including Hong Kong, may not be spared as the bank cuts 30,000 jobs. Chief executive Stuart Gulliver warned yesterday ...

  3. 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 ...

  4. 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 ...

  5. 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 ...

  6. 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, ...

  7. 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 ...

  8. Lai See

    Posted Aug 09th 2011, 12:00am

    ... drum The Financial Times ran a wry letter from a former HSBC investment banker reflecting on the bank's tortuous restructuring. Paul Barry, who presumably does not intend to work for the bank again, observed: 'You will struggle to find anyone at HSBC who in recent times hasn't heard about the bank's strategic refocus on its Asian backyard, coupled with a smart ...

  9. 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, ...

  10. Gulliver looks to the glory days

    Posted May 16th 2011, 12:00am

    ... to close loss-making branches and operations while boosting business in China and other emerging markets. The ultimate goal of the restructuring is to return HSBC to the purple patch it enjoyed ... Enoch Yiu in London enoch.yiu@scmp.com HSBC chief executive Stuart Gulliver wants to return the banking giant to the golden days of the 1990s, when the Hong Kong-listed lender seemed ...




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