HSBC plans to slash 10,000 more jobs in cost-cutting drive

HSBC plans to slash 10,000 more jobs in cost-cutting drive

The move being spearheaded by interim Chief Executive Officer Noel Quinn is aiming to slash costs, according to reports.

In September, the bank announced the surprise departure of chief executive John Flint, who had been in his role for just 18 months with Noel Quinn stepping in to take the post.

A HSBC spokesman declined to comment on the report.

"We've known for years that we need to do something about our cost base, the largest component of which is people now we are finally grasping the nettle", one unnamed person at the bank told the newspaper.

The banking giant also made an announcement that it will force 2% of its global workforce to go that added up to 4,000 employees in the management jobs.

British multinational bank HSBC is set to embark on its largest cost-cutting exercise in years, and facing the ax are up to 10,000 high-paying roles across the group, the "Financial Times" reported (behind paywall) on Sunday, citing two people close to the matter.

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HSBC could announce the starting of the newest charge-cutting travel and job cuts when it reports 3rd-quarter effects afterwards this month, the FT claimed, citing 1 person briefed on the subject.

The planned 10,000 redundancies would come on top of more than 4,000 job cuts that the bank had already announced.

This story has not been edited by Firstpost staff and is generated by auto-feed.

HSBC has remained committed to its expansion in the region, even with the US-China trade war and Hong Kong's protests swirling.

Anxious about its position as the biggest foreign bank in China, HSBC launched a public-relations offensive aimed at leaders in Beijing, Bloomberg reported last month.

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