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HSBC reportedly planning to cut 10,000 jobs

Lola Evans
09 Oct 2019, 07:54 GMT+10

HONG KONG - Global banking giant HSBC is considering reducing its worldwide workforce by up to 10,000 people.

The Financial Times, which broke the story, said the measure is part of a wide-ranging strategy to reduce costs.

The report said most of the job cuts would be in Europe, where returns are not as attractive as those being achieved in Asia.

HSBC currently employs 238,000 people, so in percentage terms, the reduction would not be significant (4.2%).

The 10,000 jobs however would be in addition to an already-announced redundancy contingent of 4,700 jobs.

The bank, which is highly profitable, has been in a streamlining mood for some time. Former CEO John Flint is among those to go. He left the company in a surprise departure in August, after holding the role for little more than 18 months.

It should be noted HSBC has neither confirmed nor denied the report of the new cuts.

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