Dividend.com: HSBC Cuts Payout, Jobs

HSBC Shutting Branches, Cutting Dividend

Shares of HSBC Holdings(HBC Quote) are down more than 19% so far today, after the company announced net profit for 2008 dropped 70% to $5.73 billion from $19.13 billion.

The company said it is closing its branch network of its HSBC Finance arm in the U.S., resulting in 6,100 job losses. The company will be looking to raise $17.7 billion from shareholders from a method of fund raising, called a "rights issue," which is popular throughout Europe. ...