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HSBC to eliminate up to 50,000 jobs by 2017

CEO Stuart Gulliver is looking to restore investor confidence in a bank battered by a series of scandals, surging compliance costs


HSBC Holdings Plc will eliminate as many as 50,000 jobs through 2017 by shrinking its global reach as chief executive officer Stuart Gulliver seeks to cut annual costs by about US$5 billion to restore profit growth.

Europe's largest bank plans to reduce full-time employees