HSBC to cut 30,000 jobs globally - Gov thinks it's a great NY based $1B takeover- How many new Jobs?
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Link: http://buffalonews.com
Does over Governor really think he can spin this bulshit. It's great for new york because a new york company made a billion dollar cash buy. Comon, how much new real estate, how many new jobs, how about tax base???
HSBC to cut 30,000 jobs globally
Just 12 hours after announcing the sale of its upstate New York branches, HSBC Holdings Plc said it would cut more than 30,000 jobs globally in a massive cost-cutting move, even as it reported higher first-half pretax profits that surprised an investment community that had expected a drop.
The bank said it had already begun taking a series of steps worldwide that would result in 5,000 fewer jobs, and Stuart Gulliver, group CEO of the London-based financial giant, said in an early morning press conference that about 25,000 more jobs would be cut by 2013.
That’s about 10 percent of its global workforce, and is well in excess of previous estimates of 10,000 job losses.
Officials did not elaborate on those plans or specify where those cuts would fall. But Gulliver said on a later conference call with analysts that those job cuts don’t include businesses that are sold -- such as the upstate New York branches -- and the final numbers could be lower in the end if the bank grows more in faster-growing emerging markets or higher if it succeeds in closing more unprofitable businesses and reducing costs.
HSBC employs nearly 6,000 in Western New York, including 4,000 in the city of Buffalo and about 1,000 in its mortgage division in Depew. Buffalo is widely considered one of the company’s global operations hubs, with support functions for a range of business lines and functions.
HSBC said Sunday it would sell 195 U.S. branches, mostly in upstate New York, to First Niagara Financial Group for about $1 billion. Those branches, which include about 71 in Western New York, employ 1,900 in all.
Meanwhile, the global parent of HSBC Bank USA reported pre-tax profits for the first half of the year of $11.47 billion, up 3.3 percent from the same period a year ago, as the bank set aside $5.3 billion for loan losses, a 30 percent drop from a year ago.
Profit attributable to common shareholders rose 35 percent to $8.9 billion, or 50 cents per share, up from $6.6 billion, or 38 cents per share, a year ago.
By Jonathan D. Epstein
jepstein@buffnews.com
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