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



HSBC Holdings Plc plans to cut up to 10,000 jobs as interim CEO Noel Quinn seeks to cut costs across the banking group, the Financial Times reported on 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 cut and job cuts when it reports the third-quarter results later this month, FT said, citing a person briefed on the matter.

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Quinn became interim CEO in August after the bank announced the surprise departure to John Flint, saying it needed a change at the top to address "a challenging global environment." [1

9659003] 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 job decline comes after the lender said it would lay off about 4,000 people this year, and issued a gloomier business outlook with the escalation of a China-US trade war, an easing monetary policy cycle, turmoil in the central Hong Kong market and Brexit. [1 9659003] CLICK HERE TO READ MORE ON FOX BUSINESS

HSBC declined to comment.

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


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