Economy

HSBC reported to plan 10,000 job cuts globally

HSBC reported to plan 10,000 job cuts globally”

HSBC did not comment on the report. The move being spearheaded by interim Chief Executive Officer Noel Quinn is aiming to slash costs, according to reports.

The job cuts - on top of 4 700 redundancies flagged earlier - could be unveiled when HSBC reports its third-quarter results later this month, according to the FT.

Quinn, who replaced Flint in August, has been told that he is the front runner to take the top spot permanently, the FT said.

Chief Financial Officer Ewen Stevenson said in August that the bank's returns from Europe were "unacceptable", while in the U.S., the bank said it would miss the return target it had set for next year.

The duo is aiming savings in the four major divisions of HSBC that service multinational corporations, small business, retail, and high-value customers.

Banks including HSBC have been facing a gloomier outlook this year due to an escalation of a trade war between China and the United States, a return of interest rate cutting, unrest in Hong Kong and Brexit.

Banking news also aid HSBC is looking to divest and sell a retail operation in France under the cost-cutting plan.

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

Cutbacks were already on the rise after the London-based bank began encouraging managers to look for greater savings through a program known internally as Project Oak.

The banking giant is one of many lenders struggling with a global slowdown and falling interest rates. Barclays Plc, Deutsche Bank AG and Societe Generale SA are among those shrinking their workforces. HSBC's London headquarters is seen in this March, 2015 file photo.

Up to 10,000 jobs across HSBC are under threat as interim chief executive officer Noel Quinn plans to cuts costs.

View Markets Insider's homepage for more stories. The bank earns nearly 75% of its pretax profit in the so-called Greater China region, in particular through its dominance of the Hong Kong banking market. Protests in Hong Kong have hit the local economy, raising concerns about the impact they will have on the territory's largest lender.



Like this

loading...
loading...

Latest


07 October 2019
GE freezes pensions for 20K, trimming up to $6B in debt
The company has struggled to boost profits amid a slump in demand for its gas-fired turbines for power generation. GE had 283,000 employees worldwide at the end of past year , including about 97,000 in the U.S.

07 October 2019
Jay Gruden fired by Redskins after 0-5 start
Currently, the Redskins are in last place in the NFL East division, trailing the third-place New York Giants by two wins. The Washington Redskins announced today that they have relieved Head Coach Jay Gruden of his duties with the team.

07 October 2019
Chargers will play Melvin Gordon in Week 5
The win wasn't pretty, but the Broncos are in the win column. while the Chargers are seeing their season reach panic mode. Last week, in a 26-24 loss at home to Jacksonville, the Broncos gave up 229 rushing yards - in the second half alone.

07 October 2019
Christian Pulisic's Chelsea troubles: Frank Lampard admits to 'harsh' decisions
Yet despite setting up another goal in the Carabao Cup thrashing of Grimsby has not featured in the league since August. Ross Barkley is an worldwide player.

07 October 2019
James Middleton confirms engagement to girlfriend Alizee Thevenet
Alizee's father even told the Daily Mail previous year his daughter is very happy with James, and so is the family. It wasn't until after they'd met for a drink that Alizee realised who he was - one of her friends had to tell her.

07 October 2019
Six elephants die at waterfall in attempt to save calf that fell
The waterfall, known as Haew Narok (Hell's Fall), has a history of similar incidents . Khao Yai National Park is Thailand's first national park and was established in 1962.

07 October 2019
Judge rules Trump must turn over tax returns to Manhattan D.A.
Vance was probing payments made to Stormy Daniels , a pornographic actress who has claimed she had an affair with Trump. The Manhattan D.A.is investigating if this a falsification of business records, which is a crime in NY .

07 October 2019
Santos misses four field goals as Bills smother Titans
In addition to Allen, fullback Patrick DiMarco and safety Dean Marlowe also cleared the concussion protocol on Saturday. Allen appeared to be in stage four of the concussion protocol midweek when he took part in practice on a limited basis.

07 October 2019
Samsung Galaxy A20s with triple-cameras, Snapdragon 450 announced in India
The Galaxy A20s is available in a 3GB+32GB variant for Rs 11,999 while its 4GB+64GB can be purchased for Rs 13,999. The rear cameras include a 13MP main sensor, an 8MP secondary ultra-wide lens, and a 5MP depth sensing camera.

07 October 2019
Baltimore Ravens' John Harbaugh defends aggressive play-calling against Kansas City Chiefs
The Chiefs also scored at least 26 points for the 21st consecutive game, extending their National Football League record. Mahomes floated a pass to the back of the end zone and Robinson hauled it in with one hand - a truly outstanding catch.