HSBC Holdings is expected to lay off more than 10,000 workers as it aims to cut costs by up to $3.5 billion a year, Reuters says, citing a report by Sky News.
HSBC would not confirm the report, but notes that HSBC CEO Stuart Gulliver announced in May an expansive plan to reduce expenses by pulling out of dozens of countries and concentrating on core competencies. The bank currently employs 300,000.
"Europe's biggest bank faces an urgent need for action as more than two-fifths of its businesses are not delivering their cost of capital," Reuters writes. In May, HSBC said it would "sell, shut or slim down retail operations in 39 markets, where operations are sub-scale and unprofitable and is looking to sell its U.S. credit card arm and shrink its network of 475 U.S. branches."
Credit Suisse may slash private bank jobs to prop faltering profits. [Wall Street Journal]
Goldman reaps big profits stockpiling aluminum, managing warehouses. [Reuters]
Wells Fargo to lay off more than 100 employees in Minneapolis brokerage. [Biz Journals]
Break-up of big Wall Street banks may be best option to boost stock value. [DealBook]
US sues UBS over $4.5 billion residential mortgage securities sold to agencies. [Bloomberg]
UBS starts new asset management business in China to win private equity deals. [Chicago Tribune]
ICAP, Swiss Compagnie Financiere Tradition settle tiff over defecting brokers. [BusinessWeek]
European hedge funds launched in first half of bigger than those of 2010. [Reuters]