HSBC to lay off 50,000 employees

Hong Kong, June 9, 2015:HSBC, the world's third largest bank, will lay off 50,000 employees, or about 20 per cent of its work force globally as a part of its restructuring plan. About 25,000 staff working in HSBC's Brazil and Turkey units and 25,000 involved in IT and back office operations would be affected by the lay off. With these lay offs the bank will be left with only with 2,08,000 employees when compared to 2, 58,000 in 2014. The jobs cuts will be completed by 2017. HSBC is a British multinational banking and financial services company headquartered in London. It has presence in 80 countries.