Global efficiency drive
HSBC interim chief plotting 10,000 worldwide job cuts
Bank to cut top jobs
HSBC is expected to cut 10,000 jobs in a worldwide cost-cutting plan being prepared by its interim chief executive Noel Quinn.
The cuts would be in addition to 4,700 recently announced redundancies which were blamed on a “challenging global environment” characterised by low interest rates, trade conflicts and Brexit uncertainty.
HSBC’s latest cost-cutting drive will focus mainly on high-paid roles, according to the Financial Times, as global banks adjust to weak investment banking revenues. Deutsche Bank, Barclays, Société Générale and Citigroup have also announced job cuts this year.
Mr Quinn instigated the new cost-cutting plan at HSBC days after he was installed following the exit of John Flint, who is understood to have opposed the strategy.
Mr Quinn is working on the plan with Ewen Stevenson, chief financial officer, who reduced costs substantially when he held the same role at Royal Bank of Scotland. The pair are believed to be seeking savings in each of the bank’s four major divisions, which service multinational corporations, smaller businesses, retail customers and wealthy individuals.
HSBC may reveal more details of its plans when its reports third-quarter results later this month.