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HSBC To Cut Up To 10,000 High-Paid Jobs In Drive To Slash Costs: Report

HSBC To Cut Up To 10,000 High-Paid Jobs In Drive To Slash Costs: Report

HSBC could announce the beginning of the latest cost-cutting drive and job cuts when it reports third-quarter results later this month.

BC Holdings Plc (HSBA.L) is planning to cut up to 10,000 jobs as interim Chief Executive Officer Noel Quinn seeks to reduce costs across the banking group, the Financial Times reported on Sunday.

The plan represents the lender’s most ambitious attempt in years to cut costs, the newspaper said, citing two people briefed on the matter. It said the cuts will focus mainly on high-paid roles.

HSBC could announce the beginning of the latest cost-cutting drive and job cuts when it reports third-quarter results later this month, the FT said, citing one person briefed on the matter.

Quinn became interim CEO in August after the bank announced the surprise departure of John Flint, saying it needed a change at the top to address “a challenging global environment.”

Flint’s exit was a result of differences of opinion with chairman Mark Tucker over topics including approaches to cutting expenses, a person familiar with the matter told Reuters in August.

The reported job cuts come after the lender said it would be laying off about 4,000 people this year, and issued a gloomier business outlook with an escalation of a trade war between China and the United States, an easing monetary policy cycle, unrest in its key Hong Kong market and Brexit.

HSBC declined to comment.

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