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.

Harry Dunn: PM prepared to 'raise case personally' with White House
Sacoolas had only arrived in Britain with her husband Jonathan Sacoolas in early August with their three children. Embassy has been and will continue to be in close contact with appropriate British officials".

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.

Related News:

Most liked

Ludwig Oxford's Sir Peter Ratcliffe wins Nobel Prize
The ability to switch from one mode to the other is what these three Nobel laureates and their collaborators discovered. In 1968, the sixth award, the Prize in Economic Sciences was started by Sweden's central bank, the Sveriges Riksbank.

Cowboys get in their own way, give another game away to Packers
The Green Bay Packers promoted running back Tra Carson from the practice squad Saturday and released defensive end Fadol Brown. It's tough to see a patchwork group led by Marquez Valdes-Scantling and Geronimo Allison truly picking up the slack.

Stocks close lower amid doubts about a China trade deal
The pan-region Euro Stoxx 50 futures were up 0.2% at 3,435, German DAX futures were up 0.18%, while FTSE futures were down 0.03%. Global stock markets were mixed on Monday as investors cautiously awaited the outcome of trade talks between the USA and China.

Shocking moment a large deer bursts through the window of a salon
The deer is believed to have come from the wooded area behind the IHOP restaurants that sits across the road from the salon. The deer is seen jumping directly over the woman who was sitting on the couch before crashing to the floor.

BREAKING NEWS Parents Appeal to US Diplomat
The wife of a USA diplomat based in Britain is being accused of using diplomatic immunity to escape justice. It was discovered that "someone at the USA embassy" advised her and her family to return to the US.

Kylie Jenner Shares Cryptic Quote After Travis Scott Split
At the time, she wrote: "How many times a day do you block and unblock me girl", alongside four laughter crying emojis. She continued with a follow-up tweet giving a personal update of her relationship with La Flame.

NLDS Game 2 will be huge for the St. Louis Cardinals
Marcell Ozuna flared a ball over the infield into unoccupied right-field territory and cruised into second base with a double. They're one win away from that elusive postseason series victory, advancing in the playoffs for the first time since 2001.

The Redskins have fired head coach Jay Gruden
Those candidates include current MI head coach Jim Harbaugh and former Detroit Lions head coaches Jim Schwartz and Jim Caldwell . Washington had a 6-3 record last season when quarterback Alex Smith suffered a broken leg, which has kept him sidelined.

Trump urges Biden to 'hang it up,' Biden says attacks 'won't work'
He said that Republicans were "terrified" and concerned that they could lose a primary. President, you screwed up, so we've got to fix it and we'll put out a correction'.

Manchester City v Wolves: Visitors to keep the tally down
David Silva nearly broke the deadlock from a free-kick on the edge of the area 67 minutes gone, but rattled the crossbar. Today was the day we create less than the other matches, even in the loss at Norwich we create a lot.

NASA astronauts complete 7-hour spacewalk
The batteries were so bulky that it blocked the spacewalkers' views of one another, prompting constant updates. But these latest battery swaps are especially hard given the remote location on the station's sprawling frame.

Jilted boyfriend 'admits killing five in rampage'
He climbed a balcony to reach his ex-girlfriend and her new boyfriend, who were sleeping in a locked apartment inside the house. Before the shooting , the suspect was involved in a dispute with his ex-girl friend and her family, according to the police.

Iron Man VR Release Date Announced At NYCC
Given the fact that the game is built from the ground up for VR, we doubled down on the storytelling strengths of virtual reality.

The Continuous Call Team reacts to THAT Grand Final decision
Jack Wighton of the Raiders was awarded the Clive Churchill Medal by a narrow margin. "He got up to play the ball he had no idea". Sunday night's NRL Grand Final has been overshadowed by a series of blunders, incorrect calls and feuding commentators.

Max Allegri lays down demands to become next Manchester United manager
They need to see the results of their hard work and we're not getting those results so that's going to affect them. We've given ourselves a big, big uphill task to get among the top four, never mind the top six, this season.