Bankers’ bloodbath in HSBC’s biggest upheaval in 155 years of history
HSBC is set to intensify the biggest upheaval in its 155-year history, putting even more jobs at risk.
The bank had previously announced that it is cutting 35,000 jobs this year as it cuts European and American operations and cuts its investment bank.
But because of the pandemic, the lender now thinks that its redesign may have to be even more radical.
HSBC had previously announced that it is cutting 35,000 jobs this year. But due to the pandemic, the lender now thinks that its redesign could be even more radical
HSBC, which focuses mainly on Asia, warned last month that it is about to pay £ 8.8 billion in loans to degrade this year, while Covid-19 is wreaking havoc.
Although the crisis initially prompted managers to suspend layoffs, they now want to cut costs further.
This could include more job losses, and even a sale of its US businesses and French retail banks, the Financial Times reported.
HSBC boss Noel Quinn will be particularly keen to make his mark on the bank, after being named permanently in March.
His predecessor, John Flint, was ousted last year after only 18 months in the role, while his colleagues became agitated with the pace of change.
It is understood that the plans are still under review. HSBC declined to comment.