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HSBC plans to slash up to 30,000 jobs by 2013

UK-based HSBC Holdings bank is planning to cut up to 30,000 jobs from its global workforce by 2013 as part of cost-cutting measures.

HSBC chief executive Stuart Gulliver revealed the job cuts represented 10% of the bank’s current global workforce and would mainly include back office and support staff.

"Another 25,000 roles will be eliminated in addition to the 5,000 already announced," Gulliver added.

HSBC’s net profit rose by 35% to $8.9bn in the first half when compared with the first six months of 2010.

HSBC, which urrently employs about 296,000 people worldwide, will sell 195 retail banking branches in the US to First Niagara Bank for about $1bn.