The Presidential Daily Brief

Important

  1. The British banking multinational HSBC is planning to cut some $5 billion in annual costs by ridding itself of 50,000 jobs in the next two years. Half will be from Turkey and Brazil, where the financial giant is to sell all of its operations.

    HSBC to Cut 50,000 Jobs by 2017

    They’re banking on change. The British financial giant plans to cut around 50,000 jobs in the next two years, aiming to trim $5 billion in annual costs. This includes plans to sell operations in Turkey and Brazil, which will account for half of the outgoing workforce. The rest will be lost through restructuring measures like consolidation and automation. But the bank wants to loosen its belt in Asia, expanding asset management and insurance operations in the region where it generates more than half of its earnings.

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