Sunday, July 31, 2011

HSBC expected to sack 10,000 staff

Source: Press TV

Britain's banking giant HSBC is expected to announce 10,000 redundancies in its interim report on Monday deemed to disclose its poor performance in the six months to June 30, 2011.

HSBC officials have refused to comment on the reports but analysts said major job cuts are in view for the bank with reports putting the dismissals at a minimum 10,000.

This comes as interim reports by other banking giants, Barclays, Lloyds and Royal Bank of Scotland are believed to reveal disappointing profits figures.

HSBC's pre-tax profits are expected to fall from £7 billion to £6.7 billion.

The interim report will probably propose that the bank pushes ahead with the multi-billion dollar cost-cutting initiative launched by its chief Stuart Gulliver earlier this year.

HSBC along with four other British industry leaders have been hit hard by the payment protection insurance (PPI) mis-selling scandal, the fluctuating global economic atmosphere and the plans by Independent Commission on Banking for protection of retail banking operations.

Over the last six months, HSBC has lost 14 percent of its stocks value with Lloyds and RBS seeing their shares plummet by 30 percent and 17 percent respectively.

This comes as, stockbroker Seymour Pierce said Barclays, which has lost 26 percent of its stocks value over the past six months, is now expected to report a £1.8 billion profit that would be 24 percent lower than its former profits report.

Lloyds pre-tax profits are expected to hit £1 billion which is a major loss compared to last year's the £1.6 billion.

The last of the major banks to report its profits would be the Royal Bank of Scotland expected to reveal gains of £611 million in its announcement later on Friday, which would be a 19 percent fall from last year.

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