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HSBC slashes jobs, and GM and Netflix hold meetings — 5 things to know today

Hello friends and Fortune readers.

Wall Street stock futures are lower this morning, following three straight days of losses for the major stock indexes. Investors are keeping a wary eye on the Greece debt talks, and they’re looking ahead to next week’s Federal Reserve policy meeting.

Today’s must-read story is from Fortune‘s Adam Lashinsky and it is the comeback tale of former Hewlett-Packard CEO Mark Hurd, who was forced out at HP five years ago only to catch on at Oracle where he is now co-CEO.

Here’s what else you need to know about.

1. HSBC to slash 50,000 jobs

HSBC pledged a new era of higher dividends on Tuesday, laying out plans to slash nearly one in five jobs and shrink its investment bank by a third to combat sluggish growth across its sprawling empire. It is the second big overhaul since the financial crisis for Europe’s largest bank by assets. The bank will speed up a cull of unprofitable units and countries by cutting almost 50,000 jobs — half of them from selling businesses in Brazil and Turkey.


The Labor Department’s monthly job openings and labor turnover survey (JOLTS) is expected to show that job openings in the U.S. increased to 5.03 million in April from the previous month’s 4.9 million. That increase would follow last week’s strong monthly jobs report, which already sparked investors’ concerns over the impending interest rate hike and sent U.S. stocks downward in recent days.

3. GM, Netflix annual meetings

Companies holding annual shareholder meetings today include General Motors (GM), which spent the past year weathering the fallout from the scandal over the iconic automaker’s faulty ignition switches and decade-long cover-up. GM’s meeting today will also give shareholders the chance to vote on a proposal to split the company’s chief executive and chairman positions. Meanwhile, Netflix (NFLX) is holding its own annual stockholder meeting at which investors will vote on a proposed share increase.

4. Lululemon first-quarter earnings

The Canadian retailer of yoga and running gear reported strong sales growth in March, but the company remains in turnaround mode following a high-profile recall two years ago. After Lululemon issued a weak forecast earlier this year, investors are hoping the company was able to overcome labor issues and foreign exchange headwinds to meet Wall Street’s expectations for the first quarter.

5. Apple WWDC continues

Apple’s (AAPL) annual developers conference continues through the week. In Monday’s opening keynote address, the tech giant revealed a new operating system for Macs, called El Capitan, as well as iOS9 for mobile devices and Apple Music, the company’s new subscription music streaming service.

Reuters contributed to this report.