New HSBC Chief Executive Stuart Gulliver in May announced a far-reaching plan to cut costs and revive flagging profits by exiting dozens of countries and refocusing on its areas of strength.
Gulliver did not say how many jobs would go as part of the cuts, but analysts expect the bank to axe thousands from its 300,000 global workforce.
Credit Suisse on Thursday became the latest bank to shed staff after a poorer-than-expected performance in the second quarter, announcing that it would cut 4 per cent of global headcount – approximately 2,000 jobs – in response to weak trading conditions.
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