HSBC to Slash 30,000 Jobs

Vincent Yu / AP Photo

A man walks past a logo of HSBC Holdings PLC at the bank's headquarter in Hong Kong Monday, March 2, 2009. HSBC PLC plans to scale back its consumer lending operations in the United States and to close hundreds of branches there, British and U.S. newspapers reported Sunday. The Financial Times and the Wall Street Journal said HSBC will announce the plans on Monday as it discloses its 2008 results and confirms a plan to raise 12 billion pounds ($17 billion) in a new rights issue.

HSBC, the British banking group that is still digging out from its status as one of the top subprime lenders in the U.S. before the financial crisis, has announced that it is cutting 30,000 jobs worldwide by 2013. The restructuring will shutter half of the bank’s American branches. News of the massive layoffs sent stocks soaring. HSBC said it will continue to hire and invest in emerging economies such as Mexico and Brazil.