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Home / Business / HSBC will cut up to 10,000 jobs at the station to cut costs: FT

HSBC will cut up to 10,000 jobs at the station to cut costs: FT



FILE PHOTO: A man walks past a HSBC logo at headquarters in Kuala Lumpur, Malaysia on August 6, 2019. REUTERS / Lim Huey Teng / File Photo

(Reuters) ̵

1; HSBC Holdings Plc ( HSBA .L ) plans to cut up to 10,000 jobs, while currently CEO Noel Quinn is seeking to cut costs in the banking group, the Financial Times reported Sunday.

The plan represents the lender's most ambitious effort for several years to cut costs, the newspaper said, citing two people briefed on the matter. It said the cuts will focus mainly on high-paid roles.

HSBC could announce the beginning of the latest cost-cutting drive and cut on the job when it reports the third-quarter results later this month, FT said, citing a person briefed on the matter.

Quinn became interim CEO in August after the bank announced the surprise of John Flint, saying it needed a change at the top to address "a challenging global environment."

Flint's exit was the result of differences of opinion with Chairman Mark Tucker on issues including approaches to cutting spending, a person familiar with the matter told Reuters in August.

They reported the position cut after the lender said it would lay off about 4,000 people this year, and issued a bleak business outlook with the escalation of a China-US trade war, a lighter monetary policy cycle, turmoil in the main Hong Kong market and Brexit.

HSBC declined to comment.

Reporting of Shubham Kalia in Bengaluru; Editing by Peter Cooney and Daniel Wallis

Our Standards: The Thomson Reuters Trust Principles.

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