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HSBC to cut 30,000 jobs despite pre-tax profits rise
HSBC increases profits but will announce staff cuts, no mention of Malta in list of countries that will experience the axe.
Banking giant HSBC has said it will cut another 25,000 jobs by 2013 and exit operations in 20countries as it looks to save billions of dollars. The announcement came as the bank reported pre-tax profits for the first six months of the year of $11.5bn (£7bn), up 3% on the $11.1bn the bank made a year earlier It is not known whether HSBC Malta will cutting its staff complement. HSBC was formerly Mid-Med Bank Ltd.
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What you don't read in the article is the HSBC is planning to hire 15,000 employees in China, Asia and South America where the world growth is taking place. Good business strategy. Why keep employees when you lost or are loosing business. At the end of the day, they are a burden and do not bring anything to the table, so you must readjust your work force. That's how the business world works, The hope is they eliminate the fat as well, that is those high paid managers getting paid for doing very little.
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When we will be informed who are the shareholders of these large companies, then the answer is simple.
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Most banks are too big, too powerful and have no conscience. They abuse their clients and give capitalism a bad name. They fulfil a necessary and important role in the economic well being of a country but governments are unable or unwilling to control them.
Because of the ease with which they can migrate from one country to another they need to be dealt with on a global basis. As it is governments are afraid to do the right thing because they are afraid of loosing business to other countries with more lenient regulations.
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This is barefaced capitalism where the workers are used and then thrown away like a used lemon as long as the big wigs increase their salaries and bonuses to millions every year for increasing the shareholders profits.
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This is the same policy followed by the eu.
We have seen this happening to Maltese companies where they had to be scrapped and the workers kicked out because the eu capitalists are obsessed with profit before workers and no State aid can be given to help the companies.
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Do you want to remain in the capitalist colonialist eu dictatorship?
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Let's leave before it destroys even us and our families.
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Greed, greed, greed.
If this the the mantra of capitalism, give me communism anytime
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It always makes me wonder that if these companies can afford to ditch thousands of jobs, why did they create them in the first place when it is so obvious they can run with a lower compliment of staff.
