HSBC to cut more than 10,000 jobs in drive to slash costs

According to the buzz, the British multinational investment bank, HSBC Holdings Plc is planning to reduce up to 10,000 jobs because the interim Chief executive officer Noel Quinn seeks to cut costs across the banking group. The plan executes the lender’s extremely ambitious attempt in recent years to minimize costs as these cuts will mainly focus on high paid roles.

Reportedly, HSBC could declare the start of the latest cost-cutting drive as well as job cuts when it encounters 3rd quarter results later this month. Mr. Quinn became interim CEO in the month of August after the bank declared the surprise departure of John Flint who said that it needed a change at the top to address in order to challenge the worldwide environment.

John Flint’s exit was a result of big differences of opinion with HSBC chairman Mark Tucker over some topics like distinct approaches to cutting expenses and much more. The suggested job cuts come after the lender told that it would be discharging about 4,000 employees this year, and released a statistical business outlook along with an escalation of a trade conflict between the United States of America and China, which is an easing investment policy cycle, unrest in its major Hong Kong market and Brexit. But HSBC declined to comment on it.

Chief Financial Officer of HSBC, Ewen Stevenson stated in the month of August that the Bank’s returns from Europe were just unacceptable, while in America, HSBC told that it would definitely miss the return target it had set for 2020.

Earlier, it is also reported that HSBC has been shifting resources to Asia, especially China was a major part of a strategy commenced by former CEO Stuart Gulliver and it strengthened under the administration of Flint. HSBC has been remained committed to its expansion in the various regions of the world, even with the USA and China trade war and Hong Kong’ protests swirling.