HSBC prepares to slash 10,000 jobs in cost-cutting measure

HSBC planning to cut 10,000 more posts Financial Times

With HSBC's interim Chief Executive Officer (CEO) Noel Quinn seeking to reduce costs across the banking group, this is the bank's most ambitious attempt in years to do so.

A man walks past a logo of HSBC at its headquarters in Kuala Lumpur, Malaysia August 6, 2019.

The reported loss of jobs will result in approximately 238,000 HSBC staffs losing their employment. The bank, one of several European lenders eliminating roles, is questioning why it has so many people in the region when it has double-digit returns in parts of Asia, one of the people told the newspaper.

HSBC has declined to comment on the speculations and its marketing headcount.

Quinn was picked as chief executive officer in a temporary capacity last August after HSBC announced Flint's surprise resignation, saying the company needed a transformation to deal with a "complex global environment".

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Flint's sudden departure was due to a deepening animosity with HSBC chairman Mark Tucker regarding issues on budgeting and operational cost reductions, a source with information with the matter divulged to Reuters.

HSBC Holdings Plc may eliminate as many as 10,000 jobs as part of a cost-cutting drive, according to a Financial Times report that signaled Europe may bear the brunt of the initiative.

The report comes after the lender said it would layoff around 4000 employees earlier this year and issued a gloomier business outlook amid an escalation of a trade war between USA and China, interest rate cuts, Brexit and unrest in Hong Kong following "Anti-Extradition Law Amendment Bill" movement.

HSBC has plans to hire "more than 600" for its wealth business in Asia by end of 2022, with "more than half" of that figure being added through this year.

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