HSBC Holdings Plc is considering cutting 10,000 jobs or more than 4% of its total workforce as interim CEO Noel Quinn holds crosscutting measures across the banking group, according to Financial Times.
The report specifically noted that the bank’s move of cutting jobs will focus primarily on high-paid roles. HSBC had 237,685 full-time employees at the end of June 2019.
FT also said that HSBC would announce the massive job cut when it presents third-quarter results toward the end of the month.
In August, Quinn was appointed as the interim CEO after John Flint surprisingly stepped down. His exit was a result of differences of opinion with Chairman Mark Tucker.
For this year, the lender is considering axing 4,000 employees and presented a sluggish performance due to trade conflicts between the U.S. and China, Brexit, and Hong Kong mass protests.
HSBC to resumes 35,000 job cut plan after COVID-19 crisis09.06.2020
Dunkin’ plans to hire up to 25,000 employees as U.S. restaurants reopened08.06.2020
Gold gains 2.6% post Friday's U.S. monthly jobs data release08.06.2020
Asian shares on three-month highs after surprise U.S. jobs recovery