JPMorgan announces cuts to profit target, jobs

HSBC Holdings Plc, Europe’s largest bank, will eliminate as many as 14,000 more jobs as Chief Executive Officer Stuart Gulliver set out plans to cut an additional US$3-billion of costs as he tries to revive profitability. The bank expects to reduce the number of employees to as few as 240,000 over the next three years, Gulliver told reporters on a conference call Wednesday as he updated investors on his strategy for the London-based lender. HSBC had already announced plans to reduce headcount to about 254,000.

By James Davey and Neil Maidment

Bank trims earnings target to a range of 15 per cent to 16 per cent return on tangible common equity, down from 16 per cent

Royal Dutch Shell will cut spending by a fifth and lay off staff at its American exploration and production business, the company said on Thursday, in another sign that oil majors are struggling to profit from the booming U.S. shale sector. Oil and natural gas pumped from North American shale have proved a boon for many smaller energy businesses, but the world’s biggest oil companies, including BP and Exxon Mobil, have had less success unlocking the prolific rock’s full potential.

By Dhanya Skariachan NEW YORK (Reuters) - Target Corp is cutting 475 jobs at its offices in

By Morningstar: By Erin Davis We've spent much of the past two years warning investors that relatively high and growing regulatory capital ratios obscure European banks' underlying thin cushions of tangible common equity. Little has changed on this front.