HSBC to lay off 25,000 employees

The multinational conglomerate HSBC Bank has decided to sack its 25,000 employees across the globe. The decision was taken as part of its austerity measures initiated by the bank recently. The measures were initiated to save $5 billion. The company’s employees working in countries like Turkey would be laid off as it had sustained huge losses during the recent unrest in the country.  This is the first major decision by the bank after a very long time. The decision of the company is likely to have a serious impact on the banking sector. hsbc

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