HSBC Holdings to sell insurance broking business for GBP135 million
HSBC Holdings PLC said Friday it will sell its insurance broking business, HSBC Insurance Brokers Ltd, to MMC UK Group Ltd, a wholly owned subsidiary of Marsh & McLennan Companies Inc, for GBP135 million .
HSBC is determined to slash 14000 jobs despite earning huge profits and plans for a cost-cutting worth 2 billion pounds over the next three months.