On the day it reported first half pre-tax profits of $11.5 billion, banking giant HSBC has outlined plans to axe around 25,000 jobs - nearly 10% of its workforce - by the end of 2013.
The cuts come as HSBC pulls out of markets where it is struggling and are on top of 5000 jobs already axed in Latin America, the US, UK, France and the Middle East.
The losses are part of a programme revealed by new CEO Stuart Gulliver in May to save between $2.5 billion and $3.5 billion over the next three years, through a series of measures, including streamlined IT operations.
Yesterday, Gulliver agreed the sale of 195 US branches to First Niagara Financial for about $1 billion in cash. It is also looking to offload its US credit card portfolio, with Capital One, Wells Fargo and Barclays all rumoured to be interested.
Shares in HSBC rose over four per cent in morning trading as it posted pre-tax profits of $11.5 billion, a three per cent rise on H1 2010. Profit attributable to ordinary shareholders soared 35% to $8.9 billion.