. Medical and Hospital News .




POLITICAL ECONOMY
HSBC says will cut more costs by 2016
by Staff Writers
London (AFP) May 15, 2013


Asia-focused bank HSBC announced Wednesday that it will make another $2-3 billion (1.5-2.3 billion euros) of new cost savings, as the group seeks to boost profitability.

The lender said in a statement that it will seek the additional sustainable savings between 2014 and 2016.

Questioned about the impact on jobs, chief executive Stuart Gulliver told journalists that the bank would employ between 240,000 and 250,000 staff worldwide by 2016. That compares with the current level of 254,000.

HSBC had already revealed last week that it had slashed $4.0 billion from its annual costs, axing about 46,000 jobs since 2011 under its previous three-year restructuring plan.

"We have transformed HSBC in the first phase of the execution of our strategy," Gulliver in Wednesday's statement.

"We have announced the closure or disposal of 52 non-strategic or underperforming businesses, achieved $4.0 billion of annualised sustainable cost savings and generated double-digit loan growth in 15 priority markets.

"HSBC is now simpler, easier to manage and ready to take advantage of growth opportunities."

HSBC had announced last week that first-quarter net profits more than doubled to $6.35 billion, aided by sliding bad debts, deep cost cutting and a solid performance in Britain and Hong Kong.

Last year, however, HSBC had posted a 16.5-percent slump in net profits as it was hit by US money-laundering fines, mis-selling scandals, rising taxation and a vast accounting charge.

.


Related Links
The Economy






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review

Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Get Our Free Newsletters
Space - Defense - Environment - Energy - Solar - Nuclear

...





POLITICAL ECONOMY
China central bank 'looking into' Bloomberg scandal
Beijing (AFP) May 15, 2013
China's central bank, which manages the world's largest foreign exchange reserves, is looking into a growing scandal over the access journalists at Bloomberg News had to potentially sensitive data, reports said Wednesday. The People's Bank of China (PBoC) is the latest major financial organisation to examine the controversy involving the financial news wire, whose terminals are used by offic ... read more


POLITICAL ECONOMY
Prince Harry tours hurricane-hit New Jersey

Finding a sensible balance for natural hazard mitigation with mathematical models

Even Clinton couldn't get Led Zep to Sandy show

Brother admits defeat in tragic Bangladesh search

POLITICAL ECONOMY
Facebook eyes $1bn deal for GPS app Waze

Orbcomm Signs Seven New Customers In Transportation And Logistics Industry

Turn your satnav idea into business

NIST demonstrates transfer of ultraprecise time signals over a wireless optical channel

POLITICAL ECONOMY
Secret streets of Britain's Atlantis are revealed

One big European family

Earliest Archaeological Evidence of Human Ancestors Hunting and Scavenging

Humans may have driven ancient mastodons into 'civil war'

POLITICAL ECONOMY
Trout invasion behind Yellowstone elk decline: study

The cicadas are rising: US invasion in 5, 4, 3...

Sumatran tigers may go extinct in 10 years

London Zoo desperately seeking mate for almost-extinct fish species

POLITICAL ECONOMY
Bird flu in live poultry markets are the source of viruses causing human infections

Widespread but neglected disease a health threat in Africa

Panic grips Saudis as toll rises from SARS-like virus

One in 10 South Africans HIV positive

POLITICAL ECONOMY
Change in China 'inevitable', says blind activist Chen

China social media hailed after official toppled

Migrant death sparks 'anti-suicide' protest in China

China academic's weibo blocked over 'rumours': Xinhua

POLITICAL ECONOMY
Report: Belgian army sold helicopters to firm linked to trafficking

US feds 'kidnapped' suspected druglord: Guinea-Bissau

US ships look to net big contraband catches in Pacific

US court convicts Somali pirates in navy ship attack

POLITICAL ECONOMY
HSBC says will cut more costs by 2016

Outside View: Europe's permanent recession

China urban private sector wages up 17.1% in 2012

China central bank 'looking into' Bloomberg scandal




The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement