HSBC to Slash 30,000 Jobs

HSBC, the British banking group that is still digging out from its status as one of the top subprime lenders in the U.S. before the financial crisis, has announced that it is cutting 30,000 jobs worldwide by 2013. The restructuring will shutter half of the bank’s American branches. News of the massive layoffs sent stocks soaring. HSBC said it will continue to hire and invest in emerging economies such as Mexico and Brazil.