“The restructuring of the financial services industry, which has ranged from 30,000 layoffs at Bank of America Corp. (NYSE: BAC) to cuts at Citigroup Inc. (NYSE: C) and Barclays PLC (NYSE: BCS), has reached multinational HSBC Holdings PLC (NYSE: HBC). According to the Financial Times:
Stuart Gulliver, HSBC’s chief executive, said when he announced annual results last week that he would “fixate on costs” over the coming year and promised to find a further $1 billion of annual savings in 2013….”
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