HSBC To Cut Around 35,000 Jobs Worldwide

February 18, 2020 | 3 Comments

According to multiple international reports, HSBC said that it would cut around 35,000 jobs worldwide, in what they called the ”deepest restructuring and simplification programs in the bank’s history.”

We asked HSBC Bermuda if this will affect the island, and an HSBC Bermuda spokesperson told Bernews, “There is no geographical breakdown regarding potential job losses. We refer to the global announcement on www.hsbc.com.“

CNN reported, ”HSBC on Tuesday said it would cut around 35,000 jobs and dramatically overhaul its business after its profit plunged by a third in 2019.

“The bank plans to reduce its global headcount by roughly 15% to 200,000 over the next three years, a company spokesperson said, although the precise figures have not been finalized.

“HSBC will also ditch $100 billion in assets, shrink its investment bank and close a third of its US branches as it shifts resources to the Middle East and Asia, where it already makes most of its profits. The changes are expected to cost $7.2 billion by 2022.

“This represents one of the deepest restructuring and simplification programs in the bank’s history,” interim chief executive Noel Quinn said during an earnings presentation.

“HSBC has said it will slash 35,000 jobs over three years as part of a major shake-up as it issued a warning over the impact of the coronavirus outbreak in Asia,” the Guardian reported.

“The interim chief executive, Noel Quinn, confirmed on Tuesday that plans to cut $4.5bn worth of costs would involve slashing about 15% of the group’s global workforce.”

“We would expect our headcount to decrease from the current level of 235,000 to be closer to 200,000 in 2022,” Quinn said.

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Comments (3)

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  1. Sounds as if this is just another cry for rate hikes .

  2. Yuh says:

    How about the people cut HSBC around the world and move their money, investments and loans elsewhere.

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