HSBC To Slash 30,000 Jobs Worldwide

Banco HSBC

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UK banking giant HSBC is now focusing on fast-growing emerging markets and plans to sell about half of its US Retail Bank Branches (195) to First Niagara for about one billion dollars.  The branches up for sale are mainly in New York and six are in Connecticut.

HSBC lost billions in the financial crisis of 2008; however HSBC reported a 3 percent increase in pretax profits for the first half of 2011.  The increase exceeded forecasted expectations.

HSBC is shifting their focus by expanding in emerging markets and reducing headcount in tougher markets.  A company official failed to give details on specifically where the 30,000 job cuts would be made.

2 comments on “HSBC To Slash 30,000 Jobs Worldwide

  1. Well, that couldn’t make me more happy! I hope First Niagara grows too big too quick for their own britches. IMHO – they, as a bank, really kinda sucked after the merger w/ HNB. I had a strong loyalty to HNB (and quite a few key employees) and they all got screwed, despite being told they were ‘secure’. I know it’s just a business deal and things change once you get ‘in the driver’s seat’ but I hear they, the higher-ups, aren’t so nice.

    I’m sure we all have bad experience stories, some about banks – but they left me with a bad taste in my mouth. I ran to TD after I was able to – yeah TD!!

    It sounds like this is the beginning of Thanksgiving for banks again – gobbling eachother up, again! I hope TD stays the way they are for quite some time – changing banks is SUCH a pain in the a**!!

  2. You are not the first person who I have heard complaints from about First Niagara. They pale in comparison with Harleysville…such a shame that we can’t have a locally based bank!

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