HSBC to Cut 30K Jobs

HSBC plans to cut some 30,000 jobs by 2013, shrinking its global workforce by 10%, the company says. As part of the plan, the British bank has cut 5,000 jobs this year, the AP reports. The firm didn’t say which countries would see cuts, though a rep noted that hiring continues in emerging markets like Brazil and Mexico. The announcement comes on the heels of news that pre-tax profits through June 30 are up 3% from the same six-month period last year. (More HSBC stories.)