HSBC ousts 25,000 employees
HSBC ousts 25,000 employees

This international investment bank announced stellar earnings Monday, but to maintain those solid profits, it will cut 25,000 jobs around the world.

Chief Executive Stuart Gulliver said he expects to cut that many positions between now and 2013, after the bank already laid off 5,000 people since the start of the year.

The company estimates the job cuts will translate into cost savings between $2.5 billion and $3.5 billion.

HSBC did not specify where the new job cuts would be made, but said it plans to sell 195 U.S. branches, principally in western New York, to First Niagara Bank.



Last updated August 03 2011: 12:30 PM ET
Join the Conversation
Ivy League grad, no job

These young job seekers graduated into the worst labor market since the Great Depression.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.