HSBC to cut 10,000 jobs to slash costs: Report
New Delhi : HSBC Holdings is planning to cut down around 10,000 posts as interim Chief Executive Officer Noel Quinn is looking forward to reduce operational cost of the banking group, reported Financial Times on Sunday (October 6).
The newspaper cited two people briefed on the matter and reported that the major job cuts will be seen on the high-paid roles.
The report also added that the first announcement of job cuts can be made during the quarter 3 result declaration by the financial group.
Noel Quinn was made the interim Chief Executive Officer of the group in August after the bank announced the surprise departure of John Flint, saying it needed a change at the top to address "a challenging global environment."
The reported job cuts come after the lender said it would be laying off about 4,000 people this year, and issued a gloomier business outlook with an escalation of a trade war between China and the United States, an easing monetary policy cycle, unrest in its key Hong Kong market and Brexit.