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07.10.2019

HSBC cuts jobs worldwide

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The U.K.-based bank is planning cost-cutting measures that could result in 10,000 layoffs, with many cuts may come in Europe and will focus mainly on high-paid roles.

This is the lender's most ambitious attempt in years to cut costs

Stocks impacted: HSBC Holdings Plc (HSBA)

The measure comes on top of about 4,000 layoffs that the lender announced in August, following the departure of CEO John Flint. HSBC has been seeking to boost earnings by cutting costs and increasing its focus on Asian growth amid what it described as “an increasingly complex and challenging global environment” characterized by trade conflicts, low interest rates, and Brexit uncertainty. The bank could announce that it has begun the cost-cutting exercise when it reports third-quarter results later this month.

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