Banking Giant HSBC, With Offices In Stamford, To Lay Off 50,000 In Overhaul

FAIRFIELD COUNTY, Conn. -- Banking giant HSBC, which has offices in Stamford, said it would eliminate 50,000 jobs in an effort to increase profitability, according to The Wall Street Journal.

Joe Jenkins

06/09/2015 11:00 a.m.

In addition, the bank plans on moving all business out of Turkey and scaling back efforts in Brazil. Executives hope the reductions help cut annual costs by up to $5 billion by 2017, The Wall Street Journal reported.

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