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HSBC announces $2 billion to 3 billion in new cuts

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May 15, 2013 08:01 AM EST | AP


LONDON — HSBC has announced it is seeking a further $2 billion-$3 billion in cost savings as it continues to trim its global empire – a move analysts say could come at the cost of additional jobs.

In a statement, HSBC PLC Chief Executive Stuart Gulliver said Wednesday the cuts are part of a cost-saving strategy which has already seen 52 peripheral or underperforming units close.

The bank has also trimmed 40,000 jobs from a workforce of 300,000 since 2011, and the new savings are expected to translate into additional layoffs.

Europe's biggest bank by market value, HSBC announced a doubling of its profit earlier this month as it reaped the benefits of the restructuring.

Shares in HSBC were up just under 1 percent to 7.53 pounds in London at midday Wednesday.