HSBC Plans to Cut 30,000 Jobs or 10% Jobs

[bearice]

Banking giant HSBC said it will cut up to 30,000 jobs over the next two years in a cull set to impact on more than 10% of its workforce.

The efficiency drive, which will save the bank up to £2.1 billion a year, is the latest within an industry battling to cope with reduced levels of activity.

HSBC's job losses include 5,000 posts already cut this year - 700 in the UK - but chief executive Stuart Gulliver said the cuts would go deeper.

http://uk.news.yahoo.com/hsbc-outline-10-000-job-losses-015255708.html

HSBC has reported profits of 36%.

What about banks that do not have profits?

Many USA banks are also planning job cuts. Other big international banks are also planning job cuts.

 

[LeeD]

Please keep all related comments in the original thread

http://www.elitetrader.com/vb/showthread.php?s=&threadid=224525

P.S. Bearice, conratulations on being unbanned!

 

[bearice]

Quote from LeeD:

Bearice, conratulations on being unbanned!

I think these employees who will be fired are involved with prostitution and porn.

The cleaning has started.

 

[LeeD]

Quote from bearice:

I think these employees who will be fired are involved with prostitution and porn.

Assuming most people have seen porn at least once in their life, this comment basically says "anyone can loose job", which is true but generic enough to be devoid of any meaning.

 

[bearice]

Quote from LeeD:

Assuming most people have seen porn at least once in their life, this comment basically says "anyone can loose job", which is true but generic enough to be devoid of any meaning.

Major Wall Street Banks are Planning Huge Layoffs

10 Signs That Wall Street Is About To Go Into Panic Mode.

A "negative feedback loop" has "taken control" on Wall Street meaning that bad economic news is creating an "environment of pessimism" which creates even more bad economic news, etc. etc.

http://www.businessinsider.com/10-s...wall-street-banks-are-planning-huge-layoffs-1

 

[LeeD]

Quote from bearice:

A "negative feedback loop" has "taken control" on Wall Street meaning that bad economic news is creating an "environment of pessimism" which creates even more bad economic news, etc. etc.

I understand with major banks starting to report substantial profits (compared to the last few years) a "negative feedback loop" can pretty much be declared an urban myth for now.

 

[bearice]

Quote from businessinsider:

A "negative feedback loop" has "taken control" on Wall Street meaning that bad economic news is creating an "environment of pessimism" which creates even more bad economic news, etc. etc.

4 years after the present financial crisis started, world leaders and financial people are still saying "world economy is unstable" and they have no solution and no knowledge to end the endless financial crisis.

Since world leaders and financial people are not destroying world porn and prostitution I have to say this:

Were world leaders and financial people masturbating 10 times every day for past 4 years?

I remember 5 years back, Singapore Airlines had booked or purchased 100 Airbus A380 giant planes and cost of each A380 is $300 million. So total cost of 100 planes is $30 Billion. Please confirm this.

But Singapore Airlines profits have fallen some 80% because 40% earnings go for the purchase of fuel. Please confirm this since I saw CNBC report.

What is going on in the world because of money printing?

 

[bearice]

There are indications or warnings of real estate crash in Mumbai, India because HSBC and Standard chartered are selling some of their properties worth some $80 million in Mumbai. Other corporates are also planning to sell their properties. People say real estates will fall by 20%.

 

[AKUMATOTENSHI]

Quote from bearice:

Major Wall Street Banks are Planning Huge Layoffs

10 Signs That Wall Street Is About To Go Into Panic Mode.

A "negative feedback loop" has "taken control" on Wall Street meaning that bad economic news is creating an "environment of pessimism" which creates even more bad economic news, etc. etc.

http://www.businessinsider.com/10-s...wall-street-banks-are-planning-huge-layoffs-1

This could be seen as a very good thing. The culprits of the housing debaucle are getting ousted. The ones that remain from the slection process will be rewarded with a stable market. A negative loop can only last so long. I was expecting this in the middle of summer. I can wait to hear the talk 4 months from now.

Akuma

 

[bearice]

I had a discussion with my friend and he said "HSBC cutting jobs will improve the efficiency of the company so job cutting is good for the company".

My reply "If job cutting improves the efficiency of the company, why did Obama give multi-trillion dollars bailouts to save the jobs of bankrupt companies"

No bailouts would have increased the efficiency of the USA economy and world economy. Correct me If I am wrong?

Whenever I speak to my friend I think I am speaking to Obama because he speaks like Obama. I am really confused.