HSBC to axe 25,000 more jobs despite surprise profit hike

Pre-tax profits for the first six months of the year were $11.5bn (£7bn), up 3% on the $11.1bn the bank made a year earlier, while revenue was $35.7bn. HSBC said its commercial and retail banking operations had performed well, but investment banking profits had slipped. It plans to cut 25,000 jobs by 2013 and exit operations in 20 countries in a bid to save billions of dollars. The bank had already announced 5,000 job cuts, of which 700 are in the UK. However, the bank said it did not expect any of the new job cuts to fall in the country. HSBC shares are currently trading 3.38% ...