HSBC Plans 14,000 More Job Cuts

HSBC plans to cut 14,000 more jobs
HSBC plans to cut 14,000 more jobs

By Lawrence White and Steve Slater

HONG KONG/LONDON -- HSBC will redouble its cost-cutting efforts, including axing up to 14,000 more jobs, but Europe's largest bank was forced to soften a key performance target in the face of muted revenue. London-headquartered HSBC is seeking up to $3 billion in additional annual savings by 2016, on top of $4 billion already achieved, but sluggish growth outside Asia, particularly in Europe, means its target to get costs below 52 percent of revenue has been eased.