HSBC Brazil

HSBC bank: Since its cost-cutting purge began in 2011, HSBC has cut about 40,000 people from its workforce, according to MSNBC. Brazil and Turkey have limited value to the franchise and that is why we have made the announcements we have today. The bank said that it would shrink its risk-weighted assets by about $290 billion, including cutting its global banking and markets risk-weighted assets to less than a third of the group assets. * HSBC bank helped clients avoid taxes* Europe largest bank by assets also revealed plans to streamline its 260,000 strong workforce and trim its branch numbers by around 12%. The bank said it intended to sell its Turkish and Brazilian operations—although it will maintain a presence in Brazil to serve large clients—in what the it called a significant reshaping of its business portfolio. *Job cuts* The closures in Brazil and Turkey will result in a further 25,000 job cuts in addition to the other job losses announced Tuesday, the bank revealed in a statement to the Hong Kong Stock Exchange. These announcements prove there are no ‘sacred cows’ in the business, HSBC chief executive Stuart Gulliver told investors on a conference call following its statement. Chief Operating Officer Andy Maguire added that the bank push towards improved digital systems for consumers, and automation in branches, would result in thousands of job cuts. In the U.K., Stuart Gulliver said the bank would likely cut 7,000-8,000 roles, which would occur as a result natural attrition, or employees leaving on their own accord. (news.financializer.com). As reported in the news.