HSBC to trim 10,000 jobs

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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.

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