Job Cuts – HSBC to cut 35,000 jobs worldwide

Bank warns of ‘meaningful’ job losses in UK and of impact of coronavirus outbreak in Asia

The bulk of HSBC’s profits come from Asia, which has been hit by the coronavirus outbreak.

HSBC has said it will slash 35,000 jobs over three years as part of a major shake-up as it issued a warning over the impact of the coronavirus outbreak in Asia.

The interim chief executive, Noel Quinn, confirmed on Tuesday that plans to cut $4.5bn (£3.5bn) worth of costs would involve slashing about 15% of the group’s global workforce. “We would expect our headcount to decrease from the current level of 235,000 to be closer to 200,000 in 2022,” Quinn said.

“This represents one of the deepest restructuring and simplification programmes in our history.”

Chosen excerpts by Job Market Monitor. Read the whole story @ HSBC to cut 35,000 jobs worldwide as profits plunge | Business | The Guardian