Layoffs Watch '15: HSBC Was Kidding About Cutting 20k Jobs (It's Going To Be A Lot More Than That)

Something in the range of double that...and then some.

Apologies to those who got excited about the 20,000 figure. That was just an early guesstimate on the bank's part.

HSBC will cut almost 50,000 jobs from its payroll, take an ax to its investment bank and shrink its risk weighted assets by $290 billion in an effort to improve its sluggish performance, Europe’s biggest bank said on Tuesday. The announcement to the Hong Kong stock exchange came ahead of a presentation to investors and analysts when Chief Executive Stuart Gulliver will give more detail on his second major strategic plan since he took the helm at the start of 2011...The cuts are the latest in a series of heavy staff reductions and will leave the bank with around 208,000 full-time equivalent staff, down from 295,000 at the end of 2010 and 258,000 at the end of 2014.

HSBC to cut up to 50,000 jobs [Reuters]

Earlier: Layoffs Watch ’15: HSBC Probably Going To Cut 20,000 Jobs