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HSBC will slash more than 10,000 jobs as part of the global banking giant's recently announced cost-cutting drive, a report said.
Broadcaster Sky News said senior executives at the bank "are close to finalising costs cuts that will result in thousands of jobs being axed across the bank's sprawling global empire."
The report on Wednesday said London-headquartered HSBC may chop more than 10,000 positions across its operations, citing unnamed sources.
A bank spokeswoman in Hong Kong on Thursday declined comment on the report.
Read full report here.
Swiss banking giant Credit Suisse said on Thursday that its second quarter net profit plunged 52 percent, adding it would cut about four percent of its workforce worldwide.
Net profit for the three months ending June fell to 768 million Swiss francs (US$957 million, 667 million euros) from 1.6 billion francs a year ago, amid "disappointing performance" by its investment bank unit.
Concerns over the European debt crisis and weakening global economic indicators led to weak client demand and a poor trading environment, said the group.
Read full report here.
Good luck to us all.
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6 comments:
Hi! AK71,
I reckon you have a stash of bullets if the market tanks and value pops up. What is your current investible cash position as a percentage of your investment portfolio (not including cpf and srs)? I think I am very conservative, I am about 50% (not including the so called 6x monthly salary emergency fund which most financial planners seem to suggest). I don't think there is a correct answer but I invest to the point that I can sleep well at night. If the market kablooie! and Shenton Way is littered with bodies, I swoop in like a vulture.
Jimmy
Hi Jimmy,
Currently, I am about 90% invested. This will drop to 50% or less in a few months from now.
I have sold my private properties recently with the view that prices are toppish. A benefit of that action is that it will increase the cash portion in my portfolio.
I will have to wait and see how things develop from here on. Good luck. :)
Hi AK
good evening. You intend to reduce your equity holding from 90% to 50% in few months time.
May i know if you will divest your Reits portfolios or your blue chips portfolio? Understand that you
are heavily vested in Reits. I guess the opportunity cost to divest and stay sideline is -no more dividend to collect liao-which very sayang lo.
ck
Big Hello to AK71,
Through your years of experience in the market, during crisis which sectors should we avoid and/or a good hunt? Thanks again for sharing!
JO..........
Hi ck,
My strategy for the last two years has been primarily to invest for income and this has not changed. So, it is unlikely that I would divest much of my investment in REITs.
As REITs form about 80% of my investment in the stock market, how am I going to reduce exposure to the stock market from 90% to 50% in the next few months? By increasing the cash in my portfolio which will be achieved through the sale of my private properties. ;)
Hi JO,
In times of trouble, people become risk averse and look for stability. Sectors with relatively inelastic demand like telecoms will benefit.
However, if you are looking for bargains and hoping to benefit from the next recovery in a bigger way, you could look at cyclicals such as property counters which would probably be beaten down.
Of course, always do your due diligence. ;)
Good luck.
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