European Banks Deutsche Bank AG And Barclays Plc Laying Off 238,000 Employees

Barclays and Deutsche bank HSBC Holdings Plch grappled with a declining stock price and a failure to hit cost targets in countries such as the US and Europe forcing them to lay off upto 238,000 employees.

The bank’s Chief Financial Officer Ewen Stevenson said in August that the bank’s returns from Europe were “unacceptable,” while in the US, the bank said it would miss the return target it had set for next year.

Originally formed and known as the Hong Kong and Shanghai Banking Corp. in 1865, HSBC has been shifting resources to Asia, especially China in order to gain profits from the world’s second largest economy.

 

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