HSBC to cut 35,000 jobs worldwide amid plunging profits

16:34 • 18.02.20
Economy

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 reports.

The interim chief executive, Noel Quinn, confirmed on Tuesday that plans to cut $4.5bn (£3.5bn) 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.

“This represents one of the deepest restructuring and simplification programmes in our history.”

HSBC, which operates in 64 countries, said there would be “meaningful” job cuts in the UK, mainly affecting its head office operations and global banks and markets business, which are largely London-based. The lender would not comment on potential branch closures in the UK but said it was keeping the network “under review”. The group employs about 40,000 staff in the UK.

Union officials called for urgent talks with HSBC on the planned cutbacks.

Unite’s national officer for finance, Dominic Hook, said: “Despite HSBC still making billions of dollars of profit, once again hardworking and dedicated staff have woken up to the news that their job could be at risk.

“Unite is seeking urgent discussions with senior management to understand the serious impact of this announcement and what it will mean for our members in the UK.”

The UK cutbacks are part of a wider restructuring across the bank’s European operations, where it aims to cut costs by 25%. HSBC is also targeting its US division, which will involve closing a third of its 224 branches, and said technology and automation would mean job losses across the bank as a whole. Apart from the cost cutting, it also plan to shed $100bn worth of assets by the end of 2022.

 

 

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