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HSBC to cut as many as 50,000 jobs, sell business in Turkey and Brazil to restore profit growth

Since 2011, HSBC, looking to restore investor confidence in a bank battered by scandal and surging compliance costs, has announced more than 87,000 jobs cuts, exited about 78 businesses and reduced the number of countries it operates in by 15 to 73.

HSBC Holdings Plc, Europe\’s largest bank, intends to eliminate as many as 25,000 jobs then sell operations in Turkey and Brazil to help restore profit growth.

Under a three-year plan, HSBC will cut 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. The sale of companies will lower headcount by a further 25,000, helping cut annual costs by US$4.5 billion to US$5 billion after 2017. The bank left its profitability target unchanged.

Chief Executive Officer Stuart Gulliver, 56, looks to restore investor confidence inside a bank battered by a series of scandals and surging compliance costs. Since overtaking in 2011, he\’s announced more than 87,000 jobs cuts, exited about 78 businesses and reduced the number of countries the bank operates by 15 to 73.

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