HSBC Holdings is planning to cut its workforce in the Middle East and North Africa (MENA) by 3%, The Wall Street Journal reports. The bank, which has about 12,000 people working in the region, will reduce headcount in its corporate and retail banking business. HSBC is seeking to cut costs to improve its competitiveness. HSBC reported an $892 million profit for its Middle East and North Africa operations in 2010, which contributed about 5% to the overall group accounts.

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