By Marcus Leach
HSBC have announced their year-on-year figures for the six months to June 30th, as well as the news that they will cut at least 30,000 jobs on the back of a disappointing year.
Pre-tax profits for the six month period were down from £7 billion to £6.7 billion.
Under proposed new restructuring plans aimed at cost-cutting it is expected that 30,000 jobs will go worldwide.
Unions in the UK have reacted angrily to the decision.
"Today, while the bank reports strong profits of £7 billion," said David Fleming, national officer of the Unite union, "its staff face an uncertain future as the management press forward with this brutal restructuring.
“It is now necessary for the bank to confirm to its UK workforce how this news will impact on them. The employees being hit by these extensive cuts were in no way responsible for the banking crisis, yet it is these staff - many of whom are low paid - who are having to pay for the bank’s recovery.
HSBC are not the only bank expecting poor results and the real possibility of cost-cutting on a large scale, with the other leading UK banks all set to confirm a tough first half of the year.
Earlier this year HSBC boss Stuart Gulliver announced major cost-cutting plans, with a renewed focus on emerging markets such as Mexico and Turkey.
These plans have already seen an announcement from HSBC that they will sell just under half of their 470 retail banking branches in the U.S. to First Niagara Bank for around $1 billion.
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