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".

Jesse Marsch's Red Bull Salzburg fall in Champions League thriller to Liverpool
Jesse Marsch has received praise for the passion shown in the expletive-heavy video - filmed as part of a documentary on Salzburg. The former New York Red Bulls boss saw his team claw a goal back before halftime then came out on fire in the second half.

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.

Related News:



Most liked

Text messages link Ukraine investigation and Trump meeting
Analysts previously told CNN that Volker's testimony could be damaging to the President and his allies. Trump mentioned: 'China should start an investigation into the Bidens.

Depleted Sri Lanka shock Pakistan in first T20 despite Hasnain hat-trick
Mohammad Hasnain was the most successful bowler as he finished with figures of three for 37 in his four overs. He laid the foundations for a big total with his 84-run opening partnership with Avishka Fernando.

Nine shot, four killed in Kansas bar shooting
According to FOX affiliate WDAF-TV , police responded to the Tequila KC bar around 1:30 a.m. local time. Shells from a handgun were reported to have been found at the scene.

Tim Cook Confirms That Apple Will Not Launch Its Own Cryptocurrency
However, as earlier reported by Reuters , the Apple Card would not allow users to purchase cryptocurrencies. The company is now looking for banking partners around the world to launch the card in different countries.

Witness who testified in ex-Dallas officer's apartment murder trial fatally shot
She said she pushed open Jean's unlocked door and shot the 26-year-old accountant from the Caribbean island nation of St. In a statement he included with the tweet, he said authorities have not identified a suspect or determined a motive.

Adam Schiff blasts Republican calls for recusal
House Democrats on Friday subpoenaed the White House for documents they want to see as part of their impeachment investigation. A trial on whether to remove him from office would then be held in the Republican-controlled Senate.

On inquiry, Pompeo says law will be followed
The House has also subpoenaed Pompeo, while the investigation has proceeded without their assistance. Mitt Romney of Utah labelled the president's actions "appalling" on Friday .

Apple might finally launch a low-priced iPhone SE2 in 2020
Apple has launched a new free fix program for certain iPhone 6s and iPhone 6s Plus smartphones, the model introduced in 2015. And a new report has shed some more details on what Apple is planning for its next affordable iPhone.

Diahann Carroll, Groundbreaking Television And Broadway Star, Dead At 84
She appeared in her first film, the now classic Carmen Jones , starring Harry Belafonte and Dorothy Dandridge, that same year. She's widely seen as the first black actress to appear in a lead role depicting a non-stereotypical character on television.

Hillary Clinton: We Need to Look at Transcripts of Trump-Putin Calls
In the same conference, Putin also said he never had a close relationship with President Donald Trump . The Russian leader also again dismissed allegations that Russia previously interfered in USA politics.

Flu shot clinic to begin Oct 21: Province
Signs of this condition include weakness, numbness, and tingling, and if left untreated, it can eventually cause paralysis. An alternative option is to enquire at your doctors or by asking the advice of trusted family and friends.

Atheist Group Complains Over Judge Kemp’s Exchange with Amber Guyger
Lucia, also emphasized that Guyger must still face the consequences of her actions, which resulted in the death of their son. She made a mistake that she probably truly regrets, so if you want to forgive her, just understand that God forgave you.

CNN Refuses to Air Trump Campaign Ad Accusing Biden of Corruption
A third source says the vice president was not briefed on Biden, but did say information about the call was made available to him. The impeachment inquiry has moved at a brisk pace since House Speaker Nancy Pelosi announced her support for it last month.

Apple May Ditch the iPhone 11s This Year for the iPhone 12
One anonymous employee at an Apple supplier, referred to as having an "executive-level" position, was cautiously optimistic. According to a Nikkei report, the reduction in price has resulted in better than expected demand of the new smarpthone.

Hrithik Roshan, Tiger Shroff, Vaani Kapoor celebrate 'War' success together
Due to the normal working day, Joker dropped on the second day, minting Rs 3-4 crore, bringing the 2 days total to Rs 8-9 crore. Helmed by Surendra Reddy, Sye Raa Narsimha Reddy is close to create a century in terms of its worldwide collection.