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HSBC to Cut up to 10,000 ‘High-paid’ Jobs in Drive to Slash Costs: Report

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

News18.com

Updated:October 7, 2019, 7:48 AM IST
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HSBC to Cut up to 10,000 ‘High-paid’ Jobs in Drive to Slash Costs: Report
Pedestrians walk past a closed HSBC bank in Buenos Aires, Argentina. (Reuters/File Photo)

HSBC Holdings Plc is planning to cut up to 10,000 jobs as part of a major cost cutting drive as interim Chief Executive Officer Noel Quinn seeks to reduce costs across the banking group, the Financial Times reported on Sunday.

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

The plan represents the lender's most ambitious attempt in 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.

Quinn became interim CEO in August after the bank announced the surprise departure of John Flint, saying it needed a change at the top to address "a challenging global environment." Quinn began working on the new plan as soon as he was appointed.

Flint's exit was a result of differences of opinion with chairman Mark Tucker over topics including approaches to cutting expenses, a person familiar with the matter told Reuters in August.

The reported job cuts come after the lender said it would be laying off about 4,000 people this year, and issued a gloomier business outlook with an escalation of a trade war between China and the United States, an easing monetary policy cycle, unrest in its key Hong Kong market and Brexit.

HSBC declined to comment.

(With inputs from Reuters)

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