As expected, HSBC (HBC) announces 14K more jobs cuts as it tries to trim $3B in costs and...

|About: HSBC Holdings PLC (HSBC)|By:, SA News Editor

As expected, HSBC (HBC) announces 14K more jobs cuts as it tries to trim $3B in costs and increase shareholder returns. The challenging global economic environment may pinch revenues and make it difficult for the bank to meet its 12-15% ROE target for FY13, but management believes the target will be hit in FY14-FY16. CEO Stuart Gulliver says the bank intends to hike dividends and may repurchase stock to offset any dilution investors experience as a result of some shareholders taking their dividends in the form of additional shares. (Also: HBC's issues are "perfectly simple")