HSBC plans job cuts of up to 10,000, comprising mainly high-paid roles: Reports

According to media reports, HSBC Holdings has plans to cut up to 10,000 jobs as a way to cut costs. 

The Financial Times reported on Sunday, October 6, that the cuts will mainly affect highly-paid roles. 

With HSBC's interim Chief Executive Officer (CEO) Noel Quinn seeking to reduce costs across the banking group, this is the bank's most ambitious attempt in years to do so. 

Photo courtesy: Wiki
Photo courtesy: Wiki

Citing two people briefed on the matter, the Financial Times report added that HSBC could announce the move when it reports third-quarter results later this month.

The lender had earlier said it would be laying off about 4,000 people this year. It also issued a gloomy business outlook attributed to the escalation of the trade war between China and the United States, an easing of monetary policy cycle, unrest in its key Hong Kong market, as well as Brexit.

After the surprise departure of John Flint in August, Quinn became interim CEO. The bank had then said it needed a change at the top to address "a challenging global environment". Flint's exit was reportedly due to differences of opinion with chairman Mark Tucker over topics including approaches to cutting expenses. 

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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK and Dubai. Connected to India covers developments around Indians abroad, informing, engaging and entertaining its audiences.

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