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HSBC to cut up to 10,000 jobs across banking group to slash costs: Report

By Simran Kashyap
|

New Delhi, Oct 07: In a new cost-cutting drive, investment banking company HSBC has planned to cut up to 10,000 jobs, as part of a cost-cutting drive, according to a Financial Times report.

The decision taken by interim Chief Executive Officer of HSBC Noel Quinn is more likely applicable to high-paid roles.

HSBC to cut up to 10,000 jobs across banking group to slash costs: Report

The reported loss of jobs will result in approximately 238,000 HSBC staff losing their employment. This development has come after the lender announced to lay off about 4,000 posts citing a weak global outlook.

HSBC report says India may become 3rd largest economy by 2028

HSBC could announce the beginning of the latest cost-cutting drive and job cuts when it reports third-quarter results later this month, the Financial Times reported.

As per the report, the London-headquartered bank is likely to announce the job cuts as a result of its cost-cutting drive later in October when it declares its third-quarter results. It must be noted that Noel Quinn took charge as the interim CEO of HSBC in August 2019 following the departure of John Flint. The bank, in fact, had said that the change in top leadership was necessary to address 'a challenging global environment.'

HSBC has remained committed to its expansion in the region, even with the US-China trade war and Hong Kong's protests swirling. The bank said last month it's sticking with plans to hire more than 600 for its wealth business in Asia by the end of 2022.

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