UPDATE 1-HSBC to cut up to 10,000 jobs in drive to slash costs-FTMore
10 October, 2019, 07:14
A report by the Financial Times said the job cuts would be targeting highly-paid positions and the formal announcement would come during the reporting of third-quarter results later in October.
HSBC is planning to lay off up to 10,000 staff, according to reports on Monday, just weeks after its chief executive stepped down and announced the axing 4,000 posts citing a weak global outlook.
The plan represents the lender's most ambitious attempt in years to cut costs, the newspaper said on Sunday, citing two people briefed on the matter. "We are asking why we have so many people in Europe when we've got double-digit returns in parts of Asia", a source was quoted as saying.
Deutsche Bank news in August said it would slash 18,000 jobs while Barclays and Citibank said they are studying job cuts.
For Noel Quinn, the new interim boss, this is his first major decision after the shocking resignation of former CEO John Flint in August who left the job after fallouts with Mark Tucker, the new Chairman. According to them, the result will be a significant cut in HSBC staff, now numbering 238,000 employees.
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The plans would make for the bank's most significant cutbacks in recent memory, with Mr Quinn set to be the latest banking executive to drive forward with a jobs cull.
Despite the notion that the job cuts are overdue, HSBC has announced similar plans in the past.
During his short tenure as CEO, the bank grappled with a declining stock price, a high-profile sexual harassment case at its investment bank and a failure to hit cost targets.
However, an insider said the downsizing would not prevent the bank from hiring "revenue-generating" staff in high-growth regions of Asia.
HSBC has plans to hire "more than 600" for its wealth business in Asia by end of 2022, with "more than half" of that figure being added through this year.
Chief Financial Officer Stevenson Ewen said in August that the bank's returns from Europe were "unacceptable", while in the USA, the bank said it would miss the return for the next year.
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