HSBC Announces Large Cuts to Workforce & Focus on Singapore Branch

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UK bank HSBC has announced that it will cut thousands of jobs globally in an overhaul of its operations; however made a special mention to say that as of right now, Europe is being placed on the back burner while its Singapore branch remains an integral key to the multinationals growth.

The bank will chop 2% of its labour force, which accounts to almost 5,000 jobs, as part of a new restructuring exercise aimed at enduring the current “global economic turmoil” it stated last month.