Europe's biggest bank is set to cut about 35,000 jobs as profits fall and economic forecasts point to a challenging time ahead
HSBC is resuming a redundancy plan it put on ice after the coronavirus outbreak, and will cut about 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed.
“We could not pause the job losses indefinitely — it was always a question of ‘not if, but when’” Quinn said, adding that the measures first announced by HSBC in February were “even more necessary today”.HSBC had postponed the job cuts, part of a wider restructuring to cut $4.5bn in costs, in March saying the extraordinary circumstances of the coronavirus pandemic meant it would be wrong to push staff out.
The bulk of the job losses are likely to fall in back office roles in HSBC’s global banking and markets division, which houses its investment banking and trading businesses, a senior HSBC executive familiar with the plans said. Shares in HSBC have fallen 27% since the start of March, with the pandemic prompting it to set aside $3bn in bad loan provisions in its first quarter earnings.
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