At last week’s announcement of annual results, Stuart Gulliver, chief executive, said he wanted to find a further $1bn in annual savings in 2013. The FT report said up to 5,000 people could lose their jobs.
Since 2011 the bank has been streamlining and seeking to shift more control to its headquarters in London.
The bank is expected to sell up to ten businesses in the next two years to add to the 49 sold since 2011 and this will come on top of the more than 40,000 job cuts in the past two years.
One area that looks vulnerable is software development where the bank is considering outsourcing. There have been cuts of almost 20% in the headcount in this area already but more would go if the bank did look outside.
Like most companies that are going through a period of strategic overhaul there will be job creations as the bank shifts focus to new areas such as mobile banking
