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Monday
Aug012011

HSBC to Slash an Additional 25,000 Jobs by 2013

HSBC(LONDON) -- HSBC Holdings PLC says it will eliminate an additional 25,000 jobs worldwide by 2013 in an effort to cut costs and increase profits.

Europe's largest bank made the announcement Monday after reporting better-than-expected first-half profits as investment banking revenue continued to decrease. HSBC had previously announced it was slashing 5,000 jobs throughout the United States, United Kingdom, France, Latin America, and the Middle East, bringing the total number of employees out of work to 30,000.

First-half profits rose 36 percent, while the company announced a net income gain of more than $2 billion through June 30 as compared to 2010.

The bank says the cuts are expected to amount to savings of $3.5 billion over the next two years. A spokesperson for HSBC says the company has not ruled out new hires as a result of the cost-cutting moves, but cautioned as to the frequency it will recruit.

Copyright 2011 ABC News Radio

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