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Despite the decrease in earnings, the bank’s results ‘continue to show solid progress,’ CEO Lindsay Gordon says.
Despite the decrease in earnings, the bank’s results ‘continue to show solid progress,’ CEO Lindsay Gordon says.
(Ryan Carter/The Globe and Mail)

FINANCIAL TIMES

HSBC’s job cuts make bank leaner, not better

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The luxury (or curse) of large modern offices is that so many people spend so much time in meetings or on Facebook. This also explains the curious phenomenon that mass firings do not tend to do any damage. What on earth did the 30-odd thousand bankers eliminated from HSBC Holdings PLC since 2011 do all day long? The same question might be asked of the potential 14,000 additional job cuts announced on Wednesday by chief executive Stuart Gulliver.