HSBC to eliminate up to 50,000 jobs by 2017

London

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 by 22,000 to 25,000, or about 10 per cent, it said in a presentation to investors on its website on Tuesday. A further 25,000 positions will be cut through the sale of its Turkey and Brazil operations. The bank left its target for return on equity, a measure of profitability, at more than 10 per cent.