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.

More news: Boris Johnson to seek Supreme Court ruling on no-deal 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.



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