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Be Afraid, Bankers. Be Very Afraid.

The bell that tolled for the steelworkers now tolleth for thee. HSBC is cutting 30,000 jobs mostly in Europe and North America as it expands elsewhere.

From the Financial Times:

HSBC is planning to hire up to 15,000 people in fast-growing markets in Asia and Latin America over the next three years even after confirmation of the bank’s plans to cull jobs elsewhere.

The cuts, which analysts expect will come mostly in Europe and the US, are part of Mr Gulliver’s plan to strip up to $3.5bn from the bank’s cost base by 2013. Of the 5,000 job cuts already identified by the bank, 700 will come from the UK, the same in France and the rest from Middle-East and some parts of its Latin American operations.

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