EDITORIAL

It may seem out of character for HSBC to be weighing an aggressive round of cost-cutting, putting up to 10,000 jobs at risk. This, after all, is the lumbering giant of global banking, an institution with 238,000 staff and operations in 65 countries around the world.

With pre-tax profit of US$12.4 billion ($19.6b) in the first half of this year, it is performing fine, too.

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