30,000 jobs are expected to be axed at HSBC over three years

Indonesia stock info - 30,000 jobs are expected to be axed at HSBC over three years ; At least 30,000 jobs are expected to be axed at HSBC over three years as the UK's largest bank cuts costs in an effort to bolster returns to shareholders.

As he presents the first half figures on Monday, HSBC's chief executive Stuart Gulliver is braced for questions about how many roles will be shed from the bank's 300,000-strong global workforce. At the helm since the start of the year after promotion from running the investment banking arm,Gulliver has set out his ambition to shave $3.5bn (£2bn) off operating costs over three years and analysts believe this could equate to about 10% of the workforce. Gulliver has admitted that his cost cutting plans will "inevitably" lead to job losses but has not been specific. Analysts will press him for clarity at results presentations on Monday.

The bank will be the first of the banks with stock market listings in London to report first half figures, which are expected to show the impact of the slowdown in trading activity caused by the US debt crisis and the problems in the eurozone.

The bank is forecast to show profits in the first six months of the year are flat at about $11bn. Barclays' investment banking arm, the power house of the bank, is expected to show a fall in revenue on Tuesday. Standard Chartered and bailed out Lloyds Banking Group and Royal Bank of Scotland also publish their first half figures this week. Jobs are already being shed by Barclays and Royal Bank of Scotland while the new chief executive of Lloyds, António Horta-Osório, warned last month that 15,000 roles would need to go over three years. The bank is expected to report a statutory loss of at least £3bn from provision for missold payment protection insurance, but on its preferred measure of profitability, stripping out the cost of integrating HBOS, analysts expect profits of about £1bn.

While more than 40,000 roles have been lost in the UK since HBOS was rescued amid banking crisis in 2008, the job losses at HSBC are globally spread.

Related Post:

Financial markets

• forex trading asian session oct 24 2012
• Financial Services Firms In UK To Cut Jobs, Invest Less In 2012
• guardian prediction media business and advertising 2012
• Financial Market Potential 2012-2013
• Shanghai financial markets transaction volume forecast 2015
• infects US debt crisis on Financial markets in Europe and North America
• Yen and Swiss franc slide on U.S. debt deal August 1, 2011
• US stock futures and dollar rise on debt deal august 1 2011
• UK banks face further profit downgrades