HSBC bank to cut up to 25,000 jobs

A SCANDAL-hit bank will cut 22,000 full-time workers’ jobs — 10 per cent of its workforce — in a restructure that will see it withdraw from Brazil and Turkey.

(FILES) In this file photo taken on July 8, 2014, a man talks on a mobile phone as he walks past a logo of HSBC outside a branch of the bank in Hong Kong. Scandal-hit global bank HSBC said June 9, 2015 that it would slash up to 5 billion USD by 2017 and sell its operations in Turkey and Brazil. AFP PHOTO / FILES / Philippe Lopez

A SCANDAL-hit bank will cut 22,000 full-time workers’ jobs — 10 per cent of its workforce — in a restructure that will see it withdraw from Brazil and Turkey.

In a statement to the Hong Kong stock exchange HSBC also said it intends to save $5 billion in annual costs within two years.

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Investor update expected to detail savings and job cuts ... Stuart Gulliver, chief executive officer of HSBC Holdings PLC. Picture: Jerome Favre / Bloomberg

HSBC, based in London, said that a review on whether to move its headquarters will be completed this year.

Although planning to dispose of its operation in Brazil, HSBC says it plans to maintain a presence in that country to serve large corporate clients in their international dealings.

“HSBC is now undertaking a significant reshaping of its business portfolio,” the statement said.

“It is redeploying resources to capture expected future growth opportunities and adapting to structural changes in the operating climate,” it added.

HSBC, based in London, said that a review on whether to move its headquarters will be completed this year.

Although planning to dispose of its operation in Brazil, HSBC says it plans to maintain a presence in that country to serve large corporate clients in their international dealings.

An investor update report from HSBC Tuesday said there would be a 10 per cent reduction in jobs, totalling between 22,000 and 25,000.