Economy

HSBC to cut up to 10000 jobs to trim costs

HSBC to cut up to 10000 jobs to trim costs”

The Financial Times first reported the cuts.

The plan represents the global bank's most ambitious attempt in years to cut costs, the newspaper said, citing two people briefed on the matter.

Any job cuts implemented in this new round would come on top of the redundancies announced by the bank earlier in the year, when it said it will lay off about 4,000 people.

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

"We've known for years that we need to do something about our cost base, the largest component of which is people - now we are finally grasping the nettle", said an insider, the FT quoted.

A HSBC spokesman declined to comment on the report.

The London-headquartered bank last month announced the shock exit of CEO John Flint after just 18 months in the hot seat but gave no reason for the decision.

"Unite is appalled by press reports of 10,000 job cuts globally and has raised urgent questions with the management of the bank in order to get vital answers on behalf of our members working within HSBC", the Union responded.

The plans would make for the bank's most significant cutbacks in recent memory, with Mr Quinn set to be the latest banking executive to drive forward with a jobs cull.

During Mr Flint's short tenure as chief executive, the bank grappled with a declining stock price, a high-profile sexual harassment case at its investment bank and a failure to hit cost targets. For the effective execution of the plan, Quinn has teamed up with Ewen Stevenson, the Chief Financial Officer of HSBC Bank, who actively participated in the same role when he was a part of the Royal Bank of Scotland.

Job cuts could be announced when HSBC reports third-quarter results at month end. The campaign "demonstrating our commitment to grow our business in China", the bank said at the time.

The bank will also continue to hire staff in high-growth regions Asia, where the bank generates 80 percent of its profits, another person said.



Like this

loading...
loading...

Latest


10 October 2019
US Military in Afghanistan reacts to latest UNAMA report regarding civilian casualties
The US military says there were only Taliban combatants in the facilities, and no civilian casualties were confirmed. The agency said it's working to confirm reports of an additional 37 civilian deaths from the airstrikes.

10 October 2019
Rangers trade Vladislav Namestnikov to Senators
A former first-round draft pick, Namestnikov came to the Rangers in the 2018 trade deadline deal that sent Ryan McDonagh and J.T. He played in 49 games with Orebro of the Swedish Hockey League last season, with 11 goals and 22 assists.

10 October 2019
Meet 435 Holly, Queen of the Katmai Fat Bears
Both Holly and another bear , 128 Grazer, are described as "two females that have been very successful in packing on the pounds". What is Fat Bear Week? Even before this year´s Fat Bear Week, Holly was well-known to fans of Alaska wildlife.

10 October 2019
Hays Travel To Buy 555 Thomas Cook Stores
Jim Tucker, partner at KPMG, added: "This is an extremely positive outcome, and we are delighted to have secured this agreement". Hays Travel is one of the top 100 mid-size United Kingdom firms to work for, according to a Sunday Times listing.

09 October 2019
New Sleep app for Apple Watch spotted
Wednesday assume only one or two of the latest generations of Apple Watch will support the feature at all. The Apple Watch is the best smartwatch on the market, but it isn't without its faults.

09 October 2019
Check For Incompatible Apps Before You Install MacOS Catalina
In a note on its site, Wacom says "Apple has released the production version to their operating system, Mac OS 10.15 Catalina". The installer will let you know which of your 32-bit programs won't work with the new update before you even take the plunge.

09 October 2019
Zlatan Ibrahimovic unveils shirtless giant statue of himself erected in his hometown
Zlatan Ibrahimovic chose to give all the kids in his hometown of Malmo , Sweden , the day off school Tuesday to attend the unveiling of a statue in his likeness.

09 October 2019
Oakland City Council seeks to quell rapidly rising worries over A's future
Enter Rob Manfred. who earlier this week made a veiled threat to move the team to Vegas if Oakland didn't drop their lawsuit. A's president Dave Kaval said last week that the franchise was "blindsided" by the restraining order being granted.

09 October 2019
Zantac recalled as a 'precaution' - Latest Pharmacy News
Currently, there is no evidence that medicines containing this type of impurity have caused any harm to patients, say experts. However they suggested sufferers don't cease taking their remedy and search their medical doctors recommendation.

09 October 2019
American Airlines extends cancellations of 737 MAX flights
Regulators are still reviewing proposed software changes to the grounded plane with no certain timetable for the jet's return. Prior to the MAX grounding, Boeing, which delivered 806 aircraft in 2018, was targeting 900 aircraft deliveries this year.