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HSBC to cut 1,700 jobs (HBC)

Nov 03, 2009 (SmarTrend(R) News Watch via COMTEX) --

11/3/2009-UK-based bank HSBC Holdings PLC announced its second round of layoffs this year, this time cutting 1,700 jobs in further efforts to reduce operating expenses and to streamline its retail banking business.

HSBC said that the cuts would be focused on back offices in its credit card division and investment banking would not be affected.

The move follows a similar effort last march, when the British division of the bank said it was cutting 1,200 staff members.

HSBC UK Chief Executive Paul Thurston said, "Decisions that affect our people are always difficult, but this restructure is an essential part of the streamlining of our business."

Write to Chip Brian at cbrian@tradethetrend.com

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Related terms: bank, banking, business, credit card, investment banking, market, retail, securities

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