HSBC
HSBC quarterly profit down 30 percent
HSBC said yesterday that first-quarter profits dropped nearly 30 percent owing to higher-than-expected credit losses and inflation but the Asia-focused lending giant remained upbeat about its outlook.
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HSBC job cuts to reach 50,000 with Turkey, Brazil sell-off
Scandal-hit bank HSBC said on June 9 it would cut its global headcount by up to 50,000 as part of a restructuring that entails its withdrawal from Brazil and Turkey, while it also mulls abandoning London as its HQ.
In a statement to the Hong Kong stock exchange it also said it intends to save $5 billion in annual costs within two years.