Stock Market Today - HSBC to Cut 50,000 Jobs, Sell Assets in Brazil, Turkey

NEW YORK (TheStreet) -- Europe's biggest bank HSBC (HSBC) said it would cut its global workforce by 50,000 people in an effort to cut costs. The job cuts include plans to dispose of its operations in Brazil and Turkey and aim to reduce costs by around $5 billion.

  • Greece and its creditors can find a compromise agreement if the creditors give up some of their requests, including cutting pensions, Greek Prime Minister Alexis Tsipras said in an interview with an Italian newspaper quoted by Reuters. "I think we're very close to an agreement on the primary surplus for the next few years," he told the newspaper. "There just needs to be a positive attitude on alternative proposals to cuts to pensions or the imposition of recessionary measures." The EU has received the Greek proposal for new reforms, which was originally due last Thursday.
  • The head of Fiat Chrysler (FCAU), Sergio Marchionne, is reaching out to hedge funds and other stakeholders to persuade General Motors (GM) to agree to a merger, the Wall Street Journal reports.
  • India has taken a big step towards resolving the issue of bad loans by allowing banks to push out the owners of companies that don't pay their debts, the FT writes. The rules, released by the Bank of India on Monday, could also pave the way for private equity companies to take over distressed Indian firms.
  • Henkel (HENKY) and Coty (COTY) have submitted binding bids to buy separate parts of Procter & Gamble's (PG) beauty business, worth up to a total of $12 billion, Reuters reports. Private equity firms are also said to be interested in various parts of the business.

 

If you liked this article you might like

The Markets and the Fed Are Having a Staring Contest

The Markets and the Fed Are Having a Staring Contest

European Ratings Agency Lists 3 Reasons to Worry About U.S. Tax Cuts

European Ratings Agency Lists 3 Reasons to Worry About U.S. Tax Cuts

The Euro Could Win a Reverse Currency War

The Euro Could Win a Reverse Currency War

Stock Pickers Out There, Start Checking Your Shopping Lists

Stock Pickers Out There, Start Checking Your Shopping Lists

Inflation Is Making a Comeback; Investors Need to Take Shelter

Inflation Is Making a Comeback; Investors Need to Take Shelter