Global banking giant, HSBC says it will slash 30,000 jobs worldwide over the next two years as it looks to cut costs. This announcement came after the company unveiled, Bumper profits on Monday.

Europe's biggest bank is to shed 30,000 jobs - that's 10 percent of its workforce - as it retreats from countries where it's struggling to compete.

The news came as HSBC reported a surprise increase in first half profit, sending shares up over four per cent.

The 11 and half billion dollar profit is slightly up on last year and well above forecasts.

The bank says while business is slow in Europe and America it remains positive about prospects for emerging market economies.

The job cuts are on top of 5,000 losses already announced and will be implemented between now and 2013.

HSBC is also shedding nearly half its U.S. branches for $1 billion.

195 of its worst-performing banks will be sold to First Niagara Financial Group and 13 others will be closed.

HSBC employs 300,000 people in 87 markets and has 95 million customers.

But it's been criticized in the past for spreading itself too thin.

Russia and Poland are two of the countries it will be leaving.