Profits climb at HSBC, but jobs still slashed
Profit before tax for the first half of 2011 is up 3% at HSBC to $11.47bn, with earnings per share up 34% – but the British bank is planning more job cuts to build on the 5,000 already announced. Chief executive Stuart Gulliver’s strategic review said HSBC would be looking for $2.5bn-$3.5bn of cost savings by 2013, resulting in about another 25,000 cuts.
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