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