HSBC to axe 30,000 global jobs

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Banking giant HSBC says it will cut 30,000 jobs by 2013 and exit operations in 20 countries as it looks to save billions of dollars.

HSBC Holdings plc was founded in London in 1991 by The Hongkong and Shanghai Banking Corporation to act as a new group holding company and to enable the acquisition of UK-based Midland Bank.

The origins of the bank lie in Hong Kong and Shanghai, where branches were first opened in 1865.

Today, HSBC remains the largest bank in Hong Kong, and recent expansion in mainland China, where it is now the largest international bank, has returned it to that part of its roots.

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