HSBC cost savings gather pace

HSBC cost savings gather pace

Banking giant HSBC has made $1.2bn in cost savings in the last year as it cuts thousands of jobs worldwide.

The bank has cut 14,000 jobs since the first three months of 2011, including 3,500 so far this year, as the group rolls out a restructuring programme to cut layers of management and streamline its IT requirements.

HSBC, which wants to slash its workforce by 10% or 30,000 by 2013, said it made cost savings of $300m in the first three months of the year.

The group unveiled pre-tax profits for the three months to March 31 of $4.3bn, a 30% increase on the previous quarter but an 11% drop on the same quarter last year.

The quarterly improvement was driven by a stronger performance in investment banking.

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