Bloomberg News

HSBC’s Swiss Private Bank Plans to Cut 100 Jobs to Reduce Costs

April 27, 2012

HSBC Holdings Plc (HSBA)’s Swiss private bank plans to cut 100 jobs this year as Europe’s biggest lender reduces headcount by 30,000 by the end of 2013.

The cuts will be across the Swiss business, which employed about 1,700 people, according to a Geneva-based spokesman, who declined to be identified in line with company policy.

HSBC announced yesterday that the bank will eliminate 3,167 positions in the U.K. as part of its global plan to control costs. The firm will create some new jobs, leaving a net 2,217 fewer employees at the company, the London-based lender said. It employs about 52,000 people in Britain.

The Swiss job losses are within plans announced last year to reduce headcount by about 10 percent. Chief Executive Officer Stuart Gulliver is trying to cut as much as $3.5 billion of expenses over the next two years as he prepares for stricter capital rules that will crimp earnings.

To contact the reporter on this story: Dylan Griffiths in Geneva at Dgriffiths1@bloomberg.net.

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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