Discover Yahoo! With Your Friends

Explore news, videos, and much more based on what your friends are reading and watching. Publish your own activity and retain full control.

To get started, first

YOUR FRIENDS' ACTIVITY

    HSBC Announces Layoffs of 30,000 Workers Globally and Sale of 195 U.S. Branches

    This story comes from the Yahoo! Contributor Network, where individuals publish their unique perspectives on some of the world’s most popular websites.
    Do you have a story to tell? Become a Yahoo! contributor

    In what analysts are predicting may just be the beginning rumble in a coming storm of layoffs in the financial sector, British bank HSBC announced its intention of laying off more than 25,000 workers by 2013. These are additional cuts to be made over and above the 5,000 layoffs that the company is currently in the process of eliminating.

    HSBC has a global workforce of almost 300,000 employees, meaning its current payroll is due to be slashed by at least 10 percent. The move is going to have implications not only overseas, but in the United States as well, with some 195 HSBC branches reportedly due to be sold to First Niagara. That number is equal to approximately half of the bank's current locations in the U.S.

    HSBC isn't the first bank to announce layoffs this year, but it is, so far at least, cutting the largest number of jobs. Several other banks based overseas, including Goldman Sachs, Credit Suisse, Barclay's and UBS, have all announced or are reportedly considering layoffs ranging anywhere from a few hundred jobs, as in Goldman Sachs' case, to several thousand, as is the case with Credit Suisse.

    Analysts are predicting that there may well be worse news coming from the global financial sector. Some predict that the banking industry will shed as many as an additional 80,000 more jobs by the end of year, in an effort to stabilize and turn larger profits.

    The slim-down in the rosters of overseas banks reportedly makes it increasingly likely that Wall Street may be forced to do the same. So far, the majority of the job cuts announced by the overseas firms have been focused outside of the United States, but the instability of the global market is already being mirrored here, with some analysts pointing to U.S. banking giant Bank of America's unsustainable workforce of 290,000 as being particularly vulnerable. Bank of America, like the global banking industry, has seen profits and stock prices drop under the weight of their lackluster revenue.

     

    1 comment

    • General  •  9 mths ago
      I never heard of HSBC until right now. ???
      • qwerty 9 mths ago
        Less than 200 branches here in the US - only along the East coast. Very large global bank with a huge UK and Far East presence. (HSBC = Hongkong Shanghai Banking Corp) Despite the Chinese name, it's actually British owned, from when the Brits owned Hongkong.
    [ [ [['Connery is an experienced stuntman', 2]], 'http://yhoo.it/KeQd0p', '[Slideshow: See photos taken on the way down]', ' ', '630', ' ', ' ', ], [ [['Connery is an experienced stuntman', 7]], ' http://yhoo.it/KpUoHO', '[Slideshow: Death-defying daredevils]', ' ', '630', ' ', ' ', ], [ [['know that we have confidence in', 3]], 'http://yhoo.it/LqYjAX ', '[Related: The Secret Service guide to Cartagena]', ' ', '630', ' ', ' ', ], [ [['We picked up this other dog and', 5]], 'http://yhoo.it/JUSxvi', '[Related: 8 common dog fears, how to calm them]', ' ', '630', ' ', ' ', ], [ [['accused of running a fake hepatitis B', 5]], 'http://bit.ly/JnoJYN', '[Related: Did WH share raid details with filmmakers?]', ' ', '630', ' ', ' ', ], [ [['accused of running a fake hepatitis B', 3]], 'http://bit.ly/KoKiqJ', '[Factbox: AQAP, al-Qaeda in Yemen]', ' ', '630', ' ', ' ', ], [ [['have my contacts on or glasses', 3]], 'http://abcn.ws/KTE5AZ', '[Related: Should the murder charge be dropped?]', ' ', '630', ' ', ' ', ], [ [['have made this nation great as Sarah Palin', 5]], 'http://yhoo.it/JD7nlD', '[Related: Bristol Palin reality show debuts June 19]', ' ', '630', ' ', ' ', ], [ [['have made this nation great as Sarah Palin', 1]], 'http://bit.ly/JRPFRO', '[Related: McCain adviser who vetted Palin weighs in on VP race]', ' ', '630', ' ', ' ', ], [ [['A JetBlue flight from New York to Las Vegas', 3]], 'http://yhoo.it/GV9zpj', '[Related: View photos of the JetBlue plane in Amarillo]', ' ', '630', ' ', ' ', ], [ [['the 28-year-old neighborhood watchman who shot and killed', 15]], 'http://news.yahoo.com/photos/white-house-stays-out-of-teen-s-killing-slideshow/', 'Click image to see more photos', 'http://l.yimg.com/cv/ip/ap/default/120411/martinzimmermen.jpg', '630', ' ', 'AP', ], [ [['Titanic', 7]], 'http://news.yahoo.com/titanic-anniversary/', ' ', 'http://l.yimg.com/a/p/us/news/editorial/b/4e/b4e5ad9f00b5dfeeec2226d53e173569.jpeg', '550', ' ', ' ', ], [ [['He was in shock and still strapped to his seat', 6]], 'http://news.yahoo.com/photos/navy-jet-crashes-in-virginia-slideshow/', 'Click image to see more photos', 'http://l.yimg.com/cv/ip/ap/default/120406/jet_ap.jpg', '630', ' ', 'AP', ], [ [['xxxxxxxxxxxx', 11]], 'http://news.yahoo.com/photos/russian-grannies-win-bid-to-sing-at-eurovision-1331223625-slideshow/', 'Click image to see more photos', 'http://l.yimg.com/a/p/us/news/editorial/1/56/156d92f2760dcd3e75bcd649a8b85fcf.jpeg', '500', ' ', 'AP', ] ]
    [ [ [['did not go as far his colleague', 8]], '29438204', '0' ], [ [[' the 28-year-old neighborhood watchman who shot and killed', 4]], '28924649', '0' ], [ [['because I know God protects me', 14], ['Brian Snow was at a nearby credit union', 5]], '28811216', '0' ], [ [['The state news agency RIA-Novosti quoted Rosaviatsiya', 6]], '28805461', '0' ], [ [['measure all but certain to fail in the face of bipartisan', 4]], '28771014', '0' ], [ [['matter what you do in this case', 5]], '28759848', '0' ], [ [['presume laws are constitutional', 7]], '28747556', '0' ], [ [['has destroyed 15 to 25 houses', 7]], '28744868', '0' ], [ [['short answer is yes', 7]], '28746030', '0' ], [ [['opportunity to tell the real story', 7]], '28731764', '0' ], [ [['entirely respectable way to put off the searing constitutional controversy', 7]], '28723797', '0' ], [ [['point of my campaign is that big ideas matter', 9]], '28712293', '0' ], [ [['As the standoff dragged into a second day', 7]], '28687424', '0' ], [ [['French police stepped up the search', 17]], '28667224', '0' ], [ [['Seeking to elevate his candidacy back to a general', 8]], '28660934', '0' ], [ [['The tragic story of Trayvon Martin', 4]], '28647343', '0' ], [ [['Karzai will get a chance soon to express', 8]], '28630306', '0' ], [ [['powerful storms stretching', 8]], '28493546', '0' ], [ [['basic norm that death is private', 6]], '28413590', '0' ], [ [['songwriter also saw a surge in sales for her debut album', 6]], '28413590', '1', 'Watch music videos from Whitney Houston ', 'on Yahoo! Music', 'http://music.yahoo.com' ], [ [['keyword', 99999999999999999999999]], 'videoID', '1', 'overwrite-pre-description', 'overwrite-link-string', 'overwrite-link-url' ] ]
    Loading...
    • Snipers sit trained on a real estate office where authorities say a gunman is holding an unknown number of hostages in Valparaiso

      VALPARAISO, Indiana (Reuters) - A gunman took hostages in an Indiana real estate office on Friday, then released them after an eight-hour standoff and fatally shot himself in the head, authorities said. The gunman died at a hospital in Valparaiso, Indiana, about 40 miles southeast of Chicago, police said. "We believe there …

    • Hernandez is arraigned in Manhattan Criminal Court via video link seen here in this courtroom sketch in New York

      NEW YORK (Reuters) - A man who police say confessed to strangling Etan Patz was charged with second-degree murder on Friday, 33 years after the 6-year-old boy vanished from his New York neighborhood and soon changed the way the nation responds to missing children. Pedro Hernandez, 51, who worked as a stock boy in a small …

    • Jerry Sandusky, former Penn State football defensive coordinator, arrives for a hearing at the Centre County Courthouse in Bellefonte, Pennsylvania

      (Reuters) - Pennsylvania State University's former president filed suit on Friday to force the school to turn over emails that are relevant to its probe of the Jerry Sandusky sex abuse scandal, the Centre Daily Times newspaper reported. Sandusky, a former Penn State assistant football coach, goes on trial next month on …

    • MIAMI (Reuters) - Subtropical Storm Beryl formed off the South Carolina coast on Friday and forecasters at the U.S. National Hurricane Center issued a tropical storm warning for parts of the Southeastern U.S. coast. Beryl had top sustained winds of 45 miles per hour and was in the Atlantic about 305 miles east of Charleston, …

    • Hurricane Bud appoaches landfall in Mexico

      MANZANILLO, Mexico (Reuters) - Hurricane Bud weakened to a tropical storm as it churned closer to Mexico's coast on Friday, but brought heavy rains and strong winds that downed trees and closed schools and a major Pacific shipping port. The first hurricane of the 2012 season, Bud was downgraded to a tropical storm with …

     
    Add your ideas and help make it happen. Join the conversation.
    Should Bill and Donna take on more risk to boost their business?
    How Josh's comment on a Remake America video laid the groundwork for something bigger.