HSBC to cut 6,100 U.S. Jobs
HSBC has announced that they are no longer going to write new consumer loans in the United States.
They are also going to shut down its U.S. lending unit over the next five years.
This new development would see the company cut around 6100 jobs in the US market.
HSBC has just reported a 70 percent drop in 2008 net profit.
And they are now planning to raise $17.7 billion in new capital through a share issue.
HSBC Chief Executive Michael Geoghegan spoke about their decision to buy Illinois-based Household International Inc. six years ago for $14 billion: “With the benefit of hindsight, this is an acquisition we wish we had not undertaken.”
Banks, Household International, HSBC, Illinois, Job Cuts, Michael Geoghegan, USA
Sukhdeep Verma
Category: Banking Sector, Job Cuts
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