LONDON: Global banking giant HSBC announced Monday that it will axe 5,000 jobs worldwide as part of a major cost-cutting drive, as the group unveiled a 35-percent jump in net profits.
Earnings after taxation soared to $8.9 billion (6.2 billion euros) in the six months to June, compared with $6.6 billion last year, HSBC said in a results statement which cited lower tax charges. Revenues edged ahead to $35.7 billion.
"Since the start of 2011, we have begun operational restructurings in Latin America, the US, the UK, France and the Middle East which will reduce headcount by around 5,000," the bank said in the earnings release.
HSBC added that the job cuts were part of its already-announced plans to slash costs by between $2.5-3.5 billion by 2013.
Copyright AFP (Agence France-Presse), 2011
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