FT: HSBC to slash up to 10,000 jobs

According to the Financial Times report any job cuts implemented as part of latest plan would come on top of 4,700 redundancies HSBC recently announced and the cuts will focus on high-paid roles

HSBC to cut up to 10000 jobs in cost-cutting drive: Financial Times

HSBC could announce the starting of the newest charge-cutting travel and job cuts when it reports 3rd-quarter effects afterwards this month, the FT claimed, citing 1 person briefed on the subject.

In the same month, its group chief executive and director of HSBC Holdings John Flint stepped down, prompting Noel Quinn to be appointed as interim group chief executive and a director of HSBC Holdings.

The plan represents the lender's most ambitious attempt in years to cut costs, the newspaper said here citing two people briefed on the matter.

HSBC did not comment on the report.

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Earlier this year, the bank made it public that it might cut almost 4,000 jobs year as the business climate is not helping the growth outlook.

HSBC employees in Asia might not need to worry, however.

During his short tenure as CEO, the bank grappled with a declining stock price, a high-profile sexual harassment case at its investment bank and a failure to hit cost targets.

HSBC is reportedly implementing a cost-cutting scheme named "Project Oak" that may threaten 10,000 jobs, according to media outlets such as ST and FT. Shortly after his ouster, Quinn told senior managers he wanted "less process and more action".

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HSBC has remained committed to its expansion in the region, even with the U.S. -China trade war and Hong Kong's protests swirling.

HSBC disclosed in September that it will move forward with plans to employ over 600 more staff to augment its business portfolio in Asia by the final quarter of 2022.

Anxious about its position as the biggest foreign bank in China, HSBC launched a public-relations offensive aimed at leaders in Beijing, Bloomberg reported last month.

-With assistance from Hannah Levitt.

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