Report: HSBC may cut 10,000 jobs

July 28, 2011 9:33:05 AM PDT
HSBC Banking Group is looking to cut some 10,000 jobs. Sky News reports the company is drafting a cost-cutting plan to reduce costs by up to $3.5 billion a year. But, no plans have been finalized.

HSBC says it also has plans to sell or reduce its retail operations and is looking to sell its U.S. credit card arm, as well as cutting the U.S. branch network