HSBC cuts 1,100 jobs around the world

NVDL: I'm not sure if I'd like to be someone working in the banking industry right now. Expect these announcements to start streaming in...

clipped from biz.yahoo.com HSBC to cut 1,100 jobs worldwide in global banking, marketing units HONG KONG (AP) -- HSBC Holdings PLC, Europe's largest bank by market value, is cutting 1,100 jobs worldwide in the wake of the financial turmoil, a spokesman said Friday. The London-based lender is laying off 4 percent of its global banking and market division, with half of them taking place in the bank's operation in Britain, said spokesman Gareth Hewett in Hong Kong. "We've taken the action because of the current market conditions, the economic environment and our cautious outlook of 2009," Hewett said by phone. All of the staff being cut has already been told. The biggest losses came from the North American market, which HSBC depends on for a quarter of its revenue. Operations there posted a first-half loss of $2.9 billion, compared with profit of $2.4 billion a year ago.