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HSBC to cut up to 10,000 jobs in drive to slash costs: FT

Stock Markets Oct 07, 2019 09:03AM ET
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© Reuters. FILE PHOTO: A man walks past a logo of HSBC at its headquarters in Kuala Lumpur

(Reuters) - HSBC Holdings Plc (L:HSBA) is planning to cut up to 10,000 jobs, more than 4% of its workforce, as interim Chief Executive Officer Noel Quinn seeks to reduce costs across the banking group, the Financial Times reported on Sunday.

The plan represents the lender's most ambitious attempt in years to cut costs, the newspaper said https://www.ft.com/content/b43e7b3e-e6c7-11e9-b112-9624ec9edc59, citing two people briefed on the matter. It said the cuts will focus mainly on high-paid roles.

HSBC declined to comment on the FT report.

The bank had 237,685 full-time employees at the end of June 2019, according to its 2019 interim report.

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

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."

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.

Any job cuts implemented as part of the latest plan would come on top of the redundancies announced earlier, the FT said.

HSBC said it would be laying off about 4,000 people this year, and issued a gloomier business outlook due to 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.

Former HSBC Group CEO Stuart Gulliver announced plans to cut 30,000 jobs when he took the job in 2011 as part of a program to cut $3.5 billion in costs over three years and raise the bank's return on equity to 12-15%.

HSBC to cut up to 10,000 jobs in drive to slash costs: FT
 

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Comments (5)
Hank Williams
Hank Williams Oct 07, 2019 12:36PM ET
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Is this the Home Shopping Network? ha ha ha
Peter Dikeakos
Peter Dikeakos Oct 06, 2019 8:47PM ET
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Cutting jobs and.....cutting dividends
Ludovic Raymond
Ludovic Raymond Oct 06, 2019 8:47PM ET
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Not sure about dividends but they have been cutting jobs for the past 10 years or so
Khurram Saddiqui
Khurram Saddiqui Oct 06, 2019 5:48PM ET
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whats is doibg euro ..?
Duane Lee
Duane Lee Oct 06, 2019 5:23PM ET
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Banks cutting jobs, auto market cutting jobs, Retail and Grocery cutting jobs, postal service cutting jobs.... Do you know what comes after job cuts?
Patrick Bateman
Patrick Bateman Oct 06, 2019 5:23PM ET
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Socialism.
Patrick Bateman
Patrick Bateman Oct 06, 2019 5:23PM ET
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Moreover, communism. Most people will become wards of the state, which is exactly what the Left want.
Robert Flores
Robert Flores Oct 06, 2019 5:23PM ET
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Recession
Erski Gumby
SB20 Oct 06, 2019 5:23PM ET
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You’re not talking about the US unemployment, right? I’m willing to bet you have a job since the unemployment rate is at the lowest in 50 years. That is unless you are not in the US.
Brad Dover
Brad Dover Oct 06, 2019 5:16PM ET
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trump is the very opposite of MAGA. . . everything that man touches DIES
Nicole DiMiceli
Nicole DiMiceli Oct 06, 2019 5:16PM ET
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agree with you 100%
Ludovic Raymond
Ludovic Raymond Oct 06, 2019 5:16PM ET
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Nicole DiMiceli Even/especially a booming, expanding economy?!
 
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