HSBC axes 35,000 jobs as profits slump | Malay Mail

HSBC’s building in Canary Wharf is seen behind a City of London sign outside Billingsgate Market in London, August 8, 2018. — Reuters pic

The London-based lender added in a results statement that it hopes to cut its global workforce by 15 per cent to 200,000 staff over the next three years. Commentators had expected 10,000 job cuts. “We are therefore outlining a revised plan to increase returns for investors, create the capacity for future investment and build a platform for sustainable growth.

Quinn, who took over as acting CEO after the shock ousting in August of John Flint, has been tasked with transforming the sprawling international bank, which spans more than 50 countries but makes the vast majority of its profit in Asia.“We continue to monitor the recent coronavirus outbreak, which is causing economic disruption in Hong Kong and mainland China and may impact performance in 2020,” the bank cautioned.

Many of the cutbacks will be in the European and US investment banking sectors, while units in more profitable Asia and the Middle East would be bolstered.

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