HSBC's second-quarter earnings weren't outright horrible. In fact, you could argue the results were okay, as the bank became yet another to beat lowered expectations. But the banks is obviously sensing the need to hold the line on costs, as are the likes of Goldman Sachs, Credit Suisse, Morgan Stanley and other banks.

To that end, HSBC also announced it will slash its headcount globally by about 10 percent. The company's goal is to cut costs by between $2.5 billion and $3.5 billion over the next two years. The layoffs, according to media reports, will claim 30,000 positions, about 5,000 of which have already been eliminated. The company is also selling off assets, including retail branches in many areas of the world. It recently said it will sell about 195 retail bank branches in upstate New York to First Niagara Financial for $1 billion. It's also planning to sell its credit card operations in the United States.

This is not really surprising news. Most people will be inclined to interpret them as a harbinger of what's to come in Europe and at home. While the axe will fall hard in core markets, the bank says it will continue to hire in Brazil, China and Asia and other growth markets.

 For more:
- here's a CNN article

Related article:
Interesting moves in Swiss equities dark pool market