EMCC European Monitoring Centre on Change



Geographic Location

Country: World


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 260000

Employment Effects

Announcement Date: 15-05-2013
Planned Job Reductions min: 4000
Planned Job Reductions max: 14000
Type of Restructuring: Internal restructuring
Employment Effect Start: 16-05-2013
Foreseen End Date: 31-12-2016

Additional Information

HSBC will cut up to 14,000 jobs over the next three years. The bank announced that it will intensify its cost saving program and strategic reorientation. CEO Stuart Gulliver said this would translate in the loss of between 4,000 and 14,000 jobs. Till now is not yet known which countries are going to be affected by this global restructuring plan. Since 2011 the company has eliminated 46,000 jobs worldwide. For information on the previously announced global restructuring see HSBC-WO2011.