HSBC to Cut 10000 Jobs to Trim Costs: FT

HSBC to Cut 10000 Jobs to Trim Costs: FT

London will bear the brunt of 10,000 job cuts at HSBC as the firm battles to slash costs in the face of a slowdown gripping Europe, analysts have warned.

The bank, one of several European lenders eliminating roles, is questioning why it has so many people in Europe when it has double-digit returns in parts of Asia, according to the source.

Most of the upcoming job cuts are expected to target high-paying roles and aim to cut costs for the bank as it struggles to adjust to low interest rates, Brexit, and the global trade war.

At the same time it revealed it would axe 2%t of its global workforce, or roughly 4,000 mostly management jobs, in a new restructuring aimed at weathering the global turmoil.

HSBC now employs around 238,000 but, according to the FT, a reduction in headcount is long overdue.

There are few details as yet as to where the cuts will be made and HSBC has made no official comment.

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The cuts, which would affect about four per cent of the global workforce of about 238,000, come as HSBC interim Chief Executive Officer Noel Quinn ramps up an aggressive cost-cutting strategy started under his predecessor.

Another banking titan Deutsche Bank has stated that it will lay off 18,000 employees. Quinn, then Chief Executive of HSBC Global Commercial Banking, has been with HSBC for 32 years - so he knows the bank well. He was blamed for failing to make tough decisions which involved cutting people's jobs.

The plan represents the lender's most bold try in years to chop prices, the newspaper mentioned, citing two folks briefed on the matter.

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.

However, an insider said the downsizing would not prevent the bank from hiring "revenue-generating" staff in high-growth regions of Asia.

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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