Socialist Worker

HSBC cuts thousands of jobs as profits soar

Issue No. 2365

HSBC has slashed 46,000 jobs and plans to cut a further 14,000—despite half-year profits rising 10 percent to £9.2 billion. 

The bank is considering giving bosses a pay rise. 

This is to get around new rules capping bankers’ bonuses to a maximum of twice their salary. 

The bank has suggested it increases bankers’ salaries in order to then award them bigger bonuses.

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Tue 6 Aug 2013, 16:22 BST
Issue No. 2365
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