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Home / Business / HSBC will reduce up to 10,000 jobs to reduce costs: Reports

HSBC will reduce up to 10,000 jobs to reduce costs: Reports



HSBC Holdings Plc plans to cut up to 10,000 jobs as interim CEO Noel Quinn seeks to cut costs in the banking group, the Financial Times reported Sunday.

The plan represents the lender's most ambitious attempt of years to cut costs, the newspaper said, citing two people who briefed on the case. It said the cuts will focus mainly on high-paid roles.

HSBC could announce the beginning of the latest cost cut and job cuts 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.

The reported position was cut after the lender said it would lay off about 4,000 people this year, and released a bleak business development with the escalation of a China-US trade war, a lighter monetary policy cycle, unrest in central Hong Kong. market and Brexit.

HSBC declined to comment. Access India's fastest growing financial subscription service Moneycontrol Pro for as little as Rs 599 for the first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for value creation, including actionable investment ideas, independent research and insight and analysis. For more information, check out the Moneycontrol website or mobile app.

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