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HSBC has asked some managers to reapply for their jobs in its newly created corporate and institutional banking division as part of a cost-cutting drive, Bloomberg reported.
HSBC did not say what the projected cost savings might be or indicate how many jobs would be affected, but more details could emerge when the bank reports third-quarter results on Oct. 29.
HSBC (HSBA.L) will cut almost 50,000 jobs from its payroll, take an ax to its investment bank and shrink its risk weighted assets by $290 billion in an effort to improve its sluggish performance ...
HSBC (HSBA.L) will shed almost 50,000 jobs and take an ax to its investment bank, cutting the assets of Europe's biggest lender by a quarter in a bid to simplify and improve its sluggish performance.
HSBC Holdings plc (Chinese: 滙豐; initialism from its founding member The Hongkong and Shanghai Banking Corporation) is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational footprint.
Household Finance Corp. was founded in 1878 by Frank MacKey of Minneapolis, Minnesota. It claims that in 1895 it was the first financial company to offer the installment plan, under which a consumer loan could be repaid through a regular monthly amount rather than a lump sum on the due date.
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The investment banking industry, including boutique investment banks, have come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolistic behavior, taking both sides in transactions, and more. [50] Investment banking has also been criticized for its opacity. [51]