HSBC to cut up to 14,000 jobs worldwide
18 May 2013
HSBC could potentially cut up to 14,000 jobs worldwide by 2016 in efforts to reduce annual costs by up to $3bn.
The bank said that headcount could fall to as low as 240,000 within the next three years, 20% less than its workforce three years ago.
Chief Executive, Stuart Gulliver, said: “HSBC is now simpler, easier to manage and ready to take advantage of growth opportunities. We will continue to exert tight cost discipline whilst streamlining processes and procedures. This enables us to invest in growth and global standards."
The firm has already reduced its workforce by 46,000.
Borer's FUSION Time Recording System
With a high number of employees on payroll, using Borer's FUSION Time Recording System will help reduce management involvement and the administrative effort required to manage a time management scheme.
It is labour demanding to manage and maintain a centrally administered or paper based flexitime system. Invariably, queries arise in relation to flexi balances and the process can become a very complicated one, particularly for the HR department.
Implementing an automated time and attendance system makes things very easy for both employees and their managers alike.