HSBC to cut 10k jobs worldwide to slash costs

Photo: The Tokenist

HSBC Holdings is planning to cut 10,000 staff, more than 4% of its work force, months after ousting its chief executive.

The shakedown, interpreted by interim CEO Noel Quinn, deems to cut costs and will focus on high-paid roles.

The company has 237,685 full-time employees as of June 2019, according to its interim report.

HSBC announced the beginning of the cost-cutting early August when the company warned challenging global environment linked to US interest rate cuts, Britain’s EU divorce, US-China trade war, and disruption in Hong Kong.

Quinn became interim CEO in August after the bank announced the surprise departure of John Flint, CEO from February 2018 to August 2019. Flint’s immediate exit results to different opinions, Chairman Mark Tucker have different views mainly with the cost cutting of the company.

Moreover, HSBC reported it would be slashing about 4,000 people this year.

Lastly, John Flint’s Predecessor, Stuart Gulliver, announced on 2011 that the company plans to cut 30,000 job as part of the program to save $3.5 billion in costs over three years and raise the company’s returns.