Wednesday, June 3, 2015

Big Bank Layoffs......ANOTHER PESKY FACT!

Big Bank Layoffs

The banking system must be doing great... just days after JPMorgan announced mass layoffs, HSBC is preparing to announce a revised headcount target, which insiders said that it was likely to be between 10,000 and 20,000 job cuts.

JPMorgan Chase & Co. will cut thousands of jobs over the next year as the biggest U.S. bank by assets seeks to contain expenses and sells businesses. The lender has been consolidating back-office support, cutting mortgage workers as home-loan volumes decline and reducing the ranks of tellers as more customers use automated channels, said the person, who asked not to be identified discussing personnel matters. The New York-based bank may cut more than 5,000 workers by next year, the Wall Street Journal reported Thursday, citing people familiar with the matter. JPMorgan eliminated about 6,000 jobs in the 12 months ended March 31, according to an April filing.

HSBC will next week set out plans to cut thousands more jobs across its global workforce as it tries to reassure shareholders that its focus on costs remains undiminished after a series of reputational crises.

Stuart Gulliver, HSBC's chief executive, will set out a revised target for headcount reductions that will be implemented by the end of 2017 at an investor day next week. The precise job cuts number that will be outlined by Mr Gulliver on June 9 was unclear on Monday, although insiders said that it was likely to be between 10,000 and 20,000.

Europe's biggest lender employed 258,000 people at the end of last year, but it has already abandoned a target set two years ago to reduce its employee base to between 240,000 and 250,000 by 2016 because of the fast-changing nature of bank regulation.

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