HSBC Announces 1200 Tops Job Cut

HSBC Announces 1200 Tops Job Cut

London (ABC live): Smiling the global financial crunch world leading worldwide spread bank HSBC announced to cut over 1200 tops jobs in its operation soon.

London (ABC live): Smiling the global financial crunch world leading worldwide spread bank HSBC announced to cut over 1200 tops jobs in its operation soon.

It is to mention that HSBC has employees strength of  about 335,000 around the globe  but last month declared  half year profits fell 28% to $10.2bn (£5.2bn), due write-off $14bn from bad debts in the US.

HSBC spokesman while taking to ABC Live said that bank has only option left to reduce expenditure to cut its human resources in days of global financial crisis ahead.

The cut in jobs will effect at HSBC headquarters and HSBC’s investment banking division, located in London's Canary Wharf.

It to remember that Northern Rock, a mortgage banker, of UK, Fannie Mae and Freddie Mac, an US lender firm along with Insurance giant AIG were rescued by Respective governments and declared bankruptcy by an US investment bank Lehman Brothers as opened the eyes of financial managers world wide to check their balance sheets as deep global financial crisis has been predicted by economics insiders.

Inputs from ABC live UK based Correspondent Lewis Philips