HSBC to slash up to 10,000 jobs - FT

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Plans for this are now being worked out by the new interim chief executive Noel Quinn, according to business newspaper Financial Times on Monday.

The bank had 237,685 full-time employees at the end of June 2019, according to its 2019 interim report.

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.

HSBC is to cut up to 10,000 jobs of jobs in 2019, or almost four percent of its full-time headcount as it becomes the next bank to succumb to the global slump in banking revenues, the FT said, citing one person briefed on the matter.

Quinn was appointed as the interim chief executive in August following the exit of his predecessor John Flint, who was dismissed in part because he avoided "difficult decisions" on job cuts, the FT reported.

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HSBC also said that it would axe roughly 4,000 jobs, mostly management posts, in August reports.

The bank faces many adverse factors including escalation of the trade war between China and the United States, easing the monetary policy cycle, protests in the Hong Kong market and Brexit.

One of the sources cited by FT questioned the need for so many people in Europe when the bank has double-digit returns in Asia.

HSBC disclosed in September that it will move forward with plans to employ over 600 more staff to augment its business portfolio in Asia by the final quarter of 2022. It made pretax profits of $12.4bn (£10.1bn) in the first half, up 16% year on year.

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