HSBC Likely to Cut 10,000 ‘High-Paid’ Jobs to Reduce Cost: Report
The group is likely to announce the same when it reports the third-quarter results later in October.
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HSBC Holdings is planning to cut up to 10,000 jobs after the banking group’s interim Chief Executive Officer Noel Quinn planning to reduce costs, reported the Financial Times on Monday, 7 October.
The cuts will reportedly focus on “high-paid” roles and at least two people have been briefed about the matter, the newspaper said.
Quinn was appointed the interim CEO, two months ago in August after the “surprise departure” of John Flint.
Earlier in 2019, HSBC announced that it would be laying off at least 4,000 people, amid global tensions including trade war between China and United States, Brexit and Hong Kong unrest.
The Deutsche Bank announced the elimination of 18,000 roles as a part of the overhaul, Barclays, Citigroup have also announced job cuts this year.
(With inputs from the Financial Times)