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HSBC to Close in Brazil, Cutting 50,000 Jobs Worldwide

By Jay Forte, Contributing Reporter

RIO DE JANEIRO, BRAZIL - On Tuesday, June 9th, HSBC bank announced it intends to terminate its activities in Brazil and Turkey, but plans to keep a stake in Brazil to serve large corporate clients. The statement said the bank expects to save between US$4.5 billion and US$5 billion by 2017 with the restructuring plan.

Just last month the Brazilian government announced it would be increasing financial institutions’ taxes over . . .

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