HSBC to slash up to 10,000 jobs to cut expenses

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HSBC to slash up to 10,000 jobs to cut expenses

In the wake of a withering backdrop of global economy which was repeatedly signalling an en masse recession risk looming over the horizon, the London-based British multinational investment bank alongside financial service provider, HSBC Holding Plc., the seventh-largest lender across the globe had been drawing up a plan to slash as many as 10,000 full-time employees, remarking more than 4 per cent of the Europe’s largest investment bank’s entire workforce, as the British multinational lender’s interim CEO, Noel Quinn had been on the lookout for ways to cut expenses across the lending group, a Financial Report published late on Sunday, the 6th of October 2019, had revealed, citing sources directly briefed over the subject-matter.

On top of that, one of the two sources familiar with the issue had been quoted saying on last weekend that the planned lay off would likely to focus more on to high-paid roles, Sunday’s (October 6th) Financial Times report revealed.

In point of fact, HSBC’s latest plan to erase up to 20,000 employees worldwide had been a brainchild of the investment bank’s interim CEO Noel Quinn, who took the office less than two months ago following a surprise departure of former HSBC chief John Flint.

According to the British lender’s annual report published at the end of June this year, the multinational lender had 237,685 full-time employees worldwide, however, while being asked on Sunday’s (October 7th) Financial Times’ report, HSBC officials declined to response immediately.