HSBC keeps on trimming

Stat of the day: £741m - How much banking giant HSBC has made in cost savings in the last year.

Last Updated: 09 Oct 2013

HSBC may be performing better than its rivals, but that doesn't make it immune from the cost cutting across the banking industry as a whole. In the last year, HSBC has made $1.2bn (£741m) in savings, mainly by shedding thousands of jobs.

The banking giant, which employs 52,000 people in the UK, has cut 14,000 jobs since Q1 of 2011. This includes 3,500 so far this year, as the group rolls out a restructuring programme to cut layers of management and streamline its IT requirements.

Overall, HSBC plans to cut its workforce by 10% or 30,000 by 2013. It looks like the 'world's local bank' has decided that whatever plans the future holds, it's going to need permanently fewer employees to deliver them.

Today the group unveiled pre-tax profits for the three months of 2012 of $4.3bn (£2.66bn). That was a 30% increase on the previous quarter after a stronger performance in investment banking, but was an 11% drop on the same quarter last year. 

Find this article useful?

Get more great articles like this in your inbox every lunchtime