Thursday, August 4, 2011

HSBC 'To Confirm 10,000 Job Losses


HSBC will confirm 10,000 job losses as it announces its interim results on Monday, it has been reported.
The banking giant is expected to reveal disappointing figures for the six months to June 30 2011 on Monday. Planned job losses have been speculated widely and on Saturday it was reported that HSBC is to confirm it is cutting at least 10,000 jobs. An HSBC spokesman said the group was declining to comment on the reports. The bank starts the results season on Monday, which is expected to provide a snapshot of a grueling start to 2011. Barclays, Lloyds Banking Group and Royal Bank of Scotland are all also expected to reveal a drop in profits in their interim updates over the next week. HSBC is anticipated to report pre-tax profits of 10.9 billion US dollars (£6.7 billion) for the period, down from 11.1 billion US dollars (£7 billion). The main focus is likely to be on progress with cost-cutting . . . . . .

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