HSBC set to confirm global jobs cull as it mulls 'bad bank'

Staff at HSBC's investment bank are braced for "the worst", as the group is set to confirm the axing of around 10,000 staff across its global operations when it reveals its annual results on Tuesday. The radical overhaul of the bank is meant to address ongoing underperformance in several of its largest units and is expected to include withdrawals from businesses, another reshuffle of senior management, a surprise new chief executive as well as the creation of a 'bad bank' to house billions of dollars of unwanted assets and businesses. Efforts to sell HSBC's French retail business are ...