HSBC is reportedly planning to shed 10,000 jobs following other banks

HSBC lays off

HSBC is joining the list of banks this year shedding thousands of jobs as it has plans to lay off 10,000 people from the bank.

Sources who had been briefed on the bank’s plans told the  that the headcount at the bank would be reduced to 238,000 globally.

It’s been a vicious year for bank employees. So far this year, Deutsche Bank, Barclays, and Citigroup are among banks that have reportedly shed a total of over 60,000 roles.

New interim CEO Noel Quinn is looking to make his mark on the bank, as the new job cuts come on top of the 4,700 that were announced in August along with stepping down of chief executive John Flint. Flint was let go in part because he shied away from cutting jobs, as the bank faced mounting Brexit and trade war woes, the source said.

It was cited one of the sources as saying: “We’ve known for years that we need to do something about our cost base, the largest component of which is people — now we are finally grasping the nettle.”

“There’s some very hard modelling going on. We are asking why we have so many people in Europe when we’ve got double-digit returns in parts of Asia,” the source added.

Quinn, who replaced Flint in August, has been told that he is the front runner to take the top spot permanently. The source said that most of the jobs being cut will likely be taken from those in higher-paid roles.

The bank faces “an increasingly complex and challenging global environment” amid Brexit, low-interest rates, and trade disputes.


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Robert Owens

Our author for the economy section Robert Owens, takes a keen interest in shares and debentures along with the banking sector. His penchant for Wall Street keeps his energy and enthusiasm on an all-time high, making sure that he delivers the most informative information available in record time.

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