Banking Giant HSBC To Lay Off 50,000 In Major Overhaul

WESTCHESTER COUNTY, N.Y. -- Banking giant HSBC Holdings said it would eliminate 50,000 jobs in an effort to increase profitability, according to The Wall Street Journal.

HSBC announced it plans on reducing workforce by 50,000 employees.
Photo Credit: *File*

Joe Jenkins

06/09/2015 9:00 a.m.

In addition, the bank plans on moving all business out of Turkey and scaling back efforts in Brazil. Executives hope the reductions help cut annual costs by up to $5 billion by 2017, The Wall Street Journal reported.

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