Jun 17, 2020

HSBC revives plan to cut 35,000 jobs

HSBC is reviving a programme of job cuts it put on hold three months ago as the bank grappled with the coronavirus pandemic, pressing ahead with a broad overhaul that will include 35,000 job losses. The bank unveiled the restructuring plan in February, when it said it aimed to shed 35,000 jobs during the next three years and cut annual costs by $4.5bn - one of the biggest revamps in its history. A month later, with the global jobs market decimated by the public health crisis, HSBC said it would delay the redundancy part of the plan. HSBC said it would do its best to assist those leaving the bank. The bank, which was founded in Hong Kong in 1865 but later moved its headquarters to London, makes more than half of its group profits in Hong Kong and another 13 per cent from mainland China.

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