Europe’s largest bank HSBC Holdings is this week culling several hundred investment bankers’ positions in London, Hong Kong and elsewhere, Reuters reports. The move comes as part of its cost-cutting aimed at saving billions of dollars.
HSBC is looking to shed 30,000 jobs by the end of 2013 under an overhaul by CEO Stuart Gulliver to cut annual costs by $3.5 billion. The bank, which had 296,000 staff at the end of 2010, has laid off 5,000 to date.
Click here for the story from Reuters.