HSBC to cut 14,000 more jobs

Suzie Neuwirth

HSBC may slash up to 14,000 more jobs as part of a $3bn (£2bn) plan to cut costs.

Chief executive Stuart Gulliver has implemented a radical cost-cutting strategy since his appointment in 2011, having closed or sold 52 business units in a drive to simplify the group and cut costs.

He has made annualised savings of $4bn (£2.6bn), over his $3.5bn target, in part by slashing overall headcount from 300,000 to 254,000.

But investors are still not happy with the bank’s cost to income ratio, which was 53.2 per cent in the first quarter.

“We will continue to exert tight cost discipline whilst streamlining processes and procedures,” said Gulliver today. “This enables us to invest in growth and global standards.”