Oct 7, 2019

HSBC to axe up to 10,000 jobs in cost-cutting drive

HSBC: does it now stand for How Soon Before I'm Canned? That might be what employees of the bank are thinking this Monday morning following news that the group has embarked on a cost-cutting drive that threatens up to 10,000 jobs. HSBC joins other banks shedding roles: Deutsche Bank, Barclays, Société Générale and Citigroup have also announced hefty lay-offs this year. It has been reported that Sir John, who was put in charge of rescuing the UK's banks during the financial crisis, is being lined up as the next chairman of the supermarket bank to replace Graham Pimlott. Société Générale's chief executive has become the latest European chief executive to wade into a fierce monetary policy debate, dismissing calls for the European Central Bank to buy bank bonds by arguing it would support failing rivals and prevent consolidation. Frédéric Oudéa told the FT the ECB should not try to reduce the cost of funding for "An average, mediocre, small retail bank".

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