HSBC eyes up to 14,000 fresh job cuts HSBC announced another round of heavy cost-cutting on Wednesday in a programme that could lead to between 4,000 and 14,000 more job losses. The bank said it would seek $2bn-$3bn of additional annual cost savings on top of the $4bn already achieved. But Stuart Gulliver, chief executive, still had to row back from a key efficiency target. The bank would in future aim for a cost-income ratio of close to 55 per cent, rather than the 48-52 per cent range previously targeted. HSBC also became the first leading European bank to raise the prospect of share buybacks. Buybacks among US banks have begun in earnest over the past year or so, but until now European banks - slower to bounce back from the financial crisis - have remained in capital-accumulation mode. Analysts praised the fresh cuts but said abandoning the original cost-income ratio target was unwelcome. Mr Gulliver has been clear in recent results announcements that the lower ratio was looking increasingly unrealistic given the direction of the global economy and the challenges of expanding revenue amid low growth. HSBC's staff numbers, which were above 300,000 two years ago, have already fallen to 260,000 and are set to dip further to 254,000 once previously announced cuts and divestments are completed in the coming months. The workforce would fall to between 240,000 and 250,000 as a result of the new cost-saving plan, HSBC said. The fresh cuts - announced at HSBC's annual strategy day for investors - are in line with expectations. The Financial Times reported in March that 5,000 to 10,000 more jobs were set to go. HSBC also said it would focus its future business in 22 countries around the world, signalling a further retrenchment from the group's global network and its presence in more than 80 countries. Between 90 per cent and 95 per cent of future pre-tax profits would be generated in the new core countries portfolio, the bank said. HSBC reiterated its target of generating a 12-15 per cent return on equity and stressed its focus on increasing dividend payouts. The bank recently reported a core tier one capital ratio - a key measure of financial strength - of 9.7 per cent under Basel III rules to be phased in by 2019. It said it wanted its ratio, already in excess of most peers, to be above 10 per cent and analysts believe that will easily be achieved this year, opening the way for higher dividends and the share buybacks. HSBC last week reported first-quarter pre-tax profits for 2013 of $8.4bn - almost double the level achieved in the same period a year earlier. Shares in HSBC were down less than 1 per cent in early London trading on Wednesday.