"(UK) HSBC posts £7billion profit... and then swiftly announces it is axing 30,000 jobs"

Banking giant HSBC today began the banking results season on a bittersweet note as it announced a massive 30,000 job losses alongside profits of £7billion.

The banking giant unveiled the worldwide cost-cutting plans, to be implemented by 2013, alongside a better than expected set of year-on-year figures for the six months to June 30 2011.

Yet despite the profit, it also announced the vast number of job losses, which is the highest in the banking sector in the last two years, dwarfing even the 28,000 staff cuts made by RBS over that period.
The response from the markets was unequivocal though, as the HSBC share price leaped by 22p this morning to 617p.

Read more: http://www.dailymail.co.uk/news/article-2021007/HSBC-announce-30-000-job-losses--posting-profits-7bn.html#ixzz1TnnQgGgV
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ka boom shhhh... :hide:

That's right, the banksters are taking 1/3 of all profits.

July 30, 2011
While the Country Slept: Financial Industry Profits Go Through the Roof

Okay, the country wasn’t exactly sleeping, it was watching the Boehner-Tea Party charade about whether we should default on the national debt. While this process captivated the nation, the Commerce Department released new data on GDP. The pathetic second quarter GDP number, combined with the sharp downward revision to the first quarter got some attention. The 0.8 average growth rate over the first half of the year is well below the 2.5 percent rate needed to keep even with the rate of growth of the labor force. This means that rather than making up ground lost in the recession, we are actually going the wrong way. The economy is falling further below its potential and unemployment is likely to continue to rise.

While this situation got some attention in the news reports, all the accounts I saw completely missed the upward revision to profits. The revised data showed sharply higher profits for both 2009 and 2010. In fact, in the revised data, profits accounted for 23.8 percent of income in the domestic corporate sector in 2010. This is more than a full percentage above the previous peak. Within the corporate sector, the financial industry is the big winner, accounting for 31.7 percent of corporate profits in 2010. This movement in profits is no doubt attributable to all the regulations and taxes imposed by President Obama.

Anyhow, you didn’t hear about this from the media because they had to present you with the latest from Tea Party gang, but there are some people who do actually look at economic data.

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HSBC said it did not expect any of the new job cuts to fall in the UK.

The bank had already announced 5,000 job cuts, 700 of which are in the UK.

http://www.bbc.co.uk/news/business-14362471

btw - some of the cuts here were as result of business they are no longer able to conduct as mentioned in your own link :

HSBC said 5,000 of the planned job cuts had already taken place, which included 700 in the UK that were announced in June as a result of regulatory changes to the way financial advice is allowed to be given."

Read more: http://www.dailymail.co.uk/news/article-2021007/HSBC-announce-30-000-job-losses--posting-profits-7bn.html#ixzz1Tnqebetn

That cross references the figure of 700 mentioned by the BBC.