HSBC to make up to $3 billion in new cuts

Associated Press
The nameplate sign above a branch of the HSBC bank in London, Wednesday, May 15, 2013, after the bank announced 2 to 3 billion US dollars in new cuts as it continues to trim its global empire. Europe's biggest bank by market value, HSBC announced a doubling of its profit earlier this month as it reaped the benefits of recent restructuring, trimming around 40,000 jobs from a workforce of about 300,000 since 2011, but the new cost cutting is widely expected to translate into additional layoffs. (AP Photo/Lefteris Pitarakis)
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LONDON (AP) — HSBC has announced it is seeking a further $2 billion-$3 billion in cost savings as it continues to trim its global empire — a move analysts say could cost more jobs.

In a statement Wednesday, HSBC PLC Chief Executive Stuart Gulliver said the cuts are part of a cost-saving strategy which has already seen 52 peripheral or underperforming units close.

The bank has also trimmed 40,000 jobs from a workforce of 300,000 since 2011, and the new savings are expected to translate into additional layoffs.

Europe's biggest bank by market value, HSBC announced a doubling of its profit earlier this month as it reaped the benefits of the restructuring.

Shares in HSBC were up just under 1 percent to 7.53 pounds in London at midday Wednesday.

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