Business Maverick: HSBC to Cut Up to 10,000 Jobs to Slash Costs, FT Reports

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 17 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 84%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Business Maverick: HSBC to Cut Up to 10,000 Jobs to Slash Costs, FT Reports By Bloomberg

The plan would result in a substantial reduction in HSBC’s workforce of about 238,000, the FT said, citing two people briefed on the matter. The bank, one of several European lenders eliminating roles, is questioning why it has so many people in the region when it has double-digit returns in parts of Asia, one of the people told the newspaper.flagged earlier — could be unveiled when HSBC reports its third-quarter results later this month, according to the FT.

During Flint’s short tenure as CEO, the bank grappled with a declining stock price and a failure to hit cost targets. In April, he started a cost review that was expected to lead to job cuts, including hundreds of investment banking positions. Shortly after his ouster, Quinn told senior managers he wanted “less process and

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines