HSBC plans to slash 10,000 jobs to reduce costs

Reuters

Reuters

One unnamed source told the paper that "there's some very hard modelling going on".

Any job cuts implemented as part of the latest plan would come on top of the redundancies announced earlier, the FT said.

HSBC declined to comment on the FT report. According to them, the result will be a significant cut in HSBC staff, now numbering 238,000 employees. He pointed to HSBC's appointment last month of banking veteran Philip Lee as its Singapore-based vice-chairman of global banking for South-east Asia - a newly created role.

Noel Quinn, interim chief executive, is planning his first big test since taking the new job. According to the financial times, HSBC is questioning why it has so many people in Europe when it has double-digit returns in parts of Asia.

HSBC may eliminate as many as 10,000 jobs to save costs.

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The Details: The members of staff at the receiving end of this job loss, are high-paid roles which will reduce the global workforce by 4% as the bank is struggling with falling interest rates, Brexit and global tariff wars. The lender was vague over the cause of its former executive chief saying only that the decision was "mutual" and that its board believed a change was needed to meet the challenges it faced. The list goes on as France's Societe Generale is all set to lay off 1,600 staff. Chairperson Mark Tucker looks keen to extend that push, weighing a bid for Asian operations being sold by London-based insurer Aviva, people familiar with the matter said in August.

During Flint's short tenure as CEO, the bank grappled with a declining stock price and a failure to hit cost targets.

It would be the most ambitious cost-saving plan the bank has embarked on for years.

One of the sources said the cost-cutting drive and job cuts could be announced as soon as later this month, when the group announces its third-quarter results.

The duo is aiming savings in the four major divisions of HSBC that service multinational corporations, small business, retail, and high-value customers.

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