Belfast Telegraph

Jobs axe set to fall on 10,000 at HSBC

By Ellen Branagh

Banking heavyweight HSBC is expected to confirm 10,000 job losses as it announces its interim results today.

The firm is expected to reveal disappointing figures for the six months to June 30.

There has been much speculation about job losses, and last night it was reported that HSBC is to confirm it is cutting at least 10,000 jobs.

The bank has 10 outlets in Northern Ireland but it's not yet clear if any jobs will go at the branches or other financial services here.

An HSBC spokesman said the group was declining to comment on the reports.

The bank opens the results season today, which is expected to provide a snapshot of a gruelling start to 2011.

Barclays, Lloyds Banking Group and Royal Bank of Scotland are all also expected to reveal a drop in profits in their interim updates over the coming week.

HSBC is anticipated to report pre-tax profits of $10.9bn (£6.7bn) for the period, down from $11.1bn (£7bn).

The main focus is likely to be on progress with cost-cutting after boss Stuart Gulliver unveiled a multi-billion dollar savings programme earlier this year.

Taxpayer-backed Lloyds and RBS have seen their shares plunge 30% and 17% respectively in the last six months alone, while Barclays' shares have plummeted 26% and HSBC has lost 14%.

Barclays, which reports tomorrow, is expected to reveal a 24% drop in reported profits to £1.8bn, according to broker Seymour Pierce.

Taxpayer-backed Lloyds Banking Group is expected to report pre-tax profits of £1bn on Thursday. This will be a steep reduction on the £1.6bn reported a year earlier.

Royal Bank of Scotland closes the week with its results on Friday, which are expected to reveal £611m in reported profits, down 19% on the previous year.