HSBC will cut 30,000 jobs worldwide

British banking group HSBC said Monday it will cut 30,000 jobs worldwide by 2013 and sell almost half its retail bank branches in the U.S., part of a new strategy to focus on fast-growing emerging markets.
HSBC currently employs around 296,000 people worldwide.

As part of its restructuring, HSBC will sell 195 retail banking branches in the United States to First Niagara Bank for around $1 billion. Four more are in northern Westchester County, and two in Putnam County.
The acquisition made HSBC the biggest subprime lender in the United States at the time, which resulted in billions of losses to HSBC leading up to the financial crisis of 2008.

News of the bank's overhaul and its profit — earnings per share rose to 51 cents in the first half from 38 cents a year earlier, allowing for a 12.5 percent dividend increase to 18 cents — boosted the company's share price.

By midday in London, shares in HSBC Holdings PLC were up 4.4 percent at 619.40 pence (10.17).
Seymour Pierce analyst Bruce Packard said the pretax profit figures were about 6 per cent higher than forecast.

"These results look better than expected, underlining the attractions of HSBC's conservative balance sheet and developing markets business," he said.

Gulliver said in a statement that he expects financial markets worldwide to remain volatile this year and in 2012.