HSBC cuts British jobs
02-12-2008
HSBC Holdings PLC, Europe's largest bank by market value, says it is cutting 500 jobs, or just under 1 percent of its work force, in Britain after a review of the business and current economic conditions. HSBC UK managing director Paul Thurston said that the company had looked hard at its business in the past two months, "focussing on removing duplication, managing costs and devoting resources to areas that offer the most potential for growth." HSBC announced in September that it planned to cut 1,100 jobs worldwide. It later announced 500 jobs cuts in Asia, including 450 in Hong Kong.
