Oct 7, 2019

HSBC: cutting it fine

HSBC is reducing its exposure to Brexit and to negative interest rates. Even with cuts centred on senior staff, that might mean a reduction of less than a tenth of the bank's wage costs. More layoffs should be focused on the global banking and markets division. A trade war and unrest in Hong Kong mean that as the biggest foreign bank in China, HSBC faces unprecedented challenges. HSBC's overriding target of achieving positive "Jaws" - the difference between growth in revenues and expenses - this year will be another reason to increase layoffs in Asia.

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