Oct 6, 2019

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

HSBC has embarked on a cost-cutting drive that threatens up to 10,000 jobs, as its new interim chief executive Noel Quinn seeks to make his mark on the bank. "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," said one of the people. HSBC's latest cost-cutting drive, which will focus mainly on high-paid roles, comes as global banks make tens of thousands of staff redundant as the industry contends with low or negative interest rates and weak investment banking revenues. HSBC could announce that it has begun the cost-cutting exercise when it reports third-quarter results later this month, one of the people said, although the bank has not yet made a final decision on when to make the plan public. A divestment of HSBC's retail operation in France, which is being prepared for sale, would also result in a substantial reduction in the number of people employed by the bank, with thousands of staff either moving to the new owner or being made redundant, one of the people said.

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