Following Japanese and Swiss authorities? intervention in the currency markets to weaken the sharp appreciation in their domestic currencies, now the market focus turns to Canada, where the Bank of Canada (BoC) expressed concerns over the persistent strength of Canadian dollar (CAD).
The U.S. stock market had a mini-meltdown on Thursday ahead of Friday's all-important Bureau of Labor Statistics (BLS) jobs report as fears about the global economy slipping into another recession weighed on the sentiment.
The move is a part of the bank?s comprehensive plan to refocus its operations in profitable areas and away from stagnating business lines in the developed world.
The world's economy moved closer to stagnation last month as firms in Asia and Europe reined back in the face of an ongoing debt crisis and signs of a new U.S. slowdown, business surveys showed on Wednesday.
With more than 14 million people out of work, consumer spending falling by the day, the GDP growth outlook remaining grim and rising inflation denting confidence of ordinary people, a massive spending cut of more than $2 trillion would be the proverbial last straw on the camel's back.
he British-based bank may slash at least 1,400 more jobs in 2011, after already having eliminated another 1,400 positions this year
On Monday HSBC announced intentions to lay off 30,000 employees by 2013, a move that Goldman Sachs indirectly caused, says one professor.
Banks around the world are likely to keep slashing jobs in order to compete better in what is a cut-throat global business.
Technology is increasingly displacing the need for workers worldwide. Foxconn, making of Apple's iPhones and iPads, plans to add one million robots to factories in the next three years. HSBC is cutting out "unnecessary bureaucracy" in eliminating 30,000 jobs.
HSBC will shed 30,000 jobs as it retreats from countries where it is struggling to compete, Europe's biggest bank said on Monday after it reported a surprise rise in first-half profit.
Market cheers job cuts, streamlining.
HSBC reported a surprise increase in first half profit and said it remained positive on the prospects for emerging market economies, even if the United States and Europe are likely to remain sluggish.
HSBC Holdings Plc said on Sunday it will shed nearly half of its underperforming U.S. branch network, selling 195 branches to First Niagara Financial Group Inc for about $1 billion, and closing 13 others.
HSBC Holdings Plc (HSBA.L) should unveil a half-year profit of near $11 billion on Monday, flat from a year earlier as weak investment bank trading and wobbly U.S. and European economies offset growth in Asia.
The top after-market NYSE gainers on Friday are: Dynegy, Unifi, iSoftStone Holdings, Orbitz Worldwide, Terex, Crexus Investment, Miller Petroleum, Gildan Activewear, HSBC Holdings and MEMC Electronic Materials.
Banking group HSBC Holdings Plc <0005.HK> may cut more than 10,000 jobs as part of its plan to slash costs by up to $3.5 billion a year, Sky News reported Thursday.
Gulliver had warned that Europe?s largest bank ?clearly [has] a cost problem."
HSBC Plc is close to announcing that it will cut thousands of jobs as it embarks on a cost-cutting drive, Sky News reported, citing people close to Europe's biggest bank.
In partnership with the City of Houston, Texas.gov, the official Website of the State of Texas, has launched an improved version of its online ticket payment service - www.texas.gov/COHTicketPay.
Gold held steady on Tuesday after the last session's record high, as investors stayed on the sidelines, watching the stalemate in Washington's budget talks to avert a ratings downgrade or default.
The deal brings to an end the litigation between recording companies and Baidu over piracy charges
Capital One Financial Corp and Wells Fargo are among the bidders for HSBC Holdings Plc's U.S. credit card portfolio, according to sources familiar with the situation.
