HSBC planning up to 10,000 jobs cuts

Darnell Taylor
October 8, 2019

HSBC is joining the list of banks this year cutting thousands of jobs as it has plans to axe 10,000 people from the bank, according to the Financial Times.

Quinn became interim CEO in August after the bank announced the surprise departure of John Flint, saying it needed a change at the top to address "a challenging global environment". "We are asking why we have so many people in Europe when we've got double-digit returns in parts of Asia", the source said. Bloomberg Intelligence's Jonathan Tyce discusses the cuts on "Bloomberg Daybreak: Europe".

The plan is one of the most ambitious attempts to reduce costs in years, sources say.

There are few details as yet as to where the cuts will be made and HSBC has made no official comment. Deutsche Bank (DE:DBKGn) unveiled 18,000 job cuts earlier this year in a major strategic rethink, the big difference being that its problems were most acute in the US, the one major developed market where banking is still reasonably profitable.

HSBC could announce this latest cost-cutting drive and job cut round when it reports third-quarter results later this month, a person briefed on the matter told the FT.

Immigrants Will Be Denied Visas If They Can’t Pay For Health Care
Larry Levitt of the Kaiser Family Foundation criticized the proclamation for making it impossible for low-income immigrants to obtain a visa.

Then, HSBC's finance director Ewen Stevenson said that the bank "was looking to cut 2% of its [235,000-strong] workforce, mostly from senior roles". When CEO Flint was sacked in August, he had served for just 18 months. HSBC generated nearly 80 per cent of its pretax profit in Asia in the first half of the year.

HSBC has remained committed to its expansion in the region, even with the U.S.

The banking giant is suffering losses due to fall in interest rates, Brexit and trade wars.

The bank had 237,685 full-time employees at the end of June 2019, according to its interim report.

HSBC is planning to cut a whopping 10,000 jobs. The bank's CEO said that a decision on a proposal to relocate the bank's domicile from London may not come by the time financial reports are released next month.

Other reports by

Discuss This Article