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HSBC plans fresh round of job cuts

British diversified financial conglomerate HSBC is seriously planning for a fresh round of job cuts across its entire operations, as part of a previously announced strategy to streamline operations globally.

One source familiar with the development was quoted by the Financial Times as saying, "There is no fantastical new strategy out there.

"But there’s still huge potential to be more efficient."

It is most likely that the lender will reveal about the possible redundancies on the investor day in May, as reported by the news agency.

The bank has not yet announced the exact number of redundancies, however it is expected that approximately 5,000 employees might be axed.

While announcing the annual financial result, HSBC chief executive Stuart Gulliver stressed that he aimed to reduce operational costs of the bank and slash it by further $1bn during 2013.

Since 2011, Gulliver has been working on overhauling the bank’s strategies to fill the loop holes and efficiencies, while having strong control on operations from London headquarter.

The bank, which has already divested 49 operations in 2011, is planning to wind down or offload approximately eight to 10 operations this year and next.