HSBC plans to cut 10,000 more jobs worldwide

Low interest rates, Brexit and global tariff wars

HSBC plans to lay off up to 10,000 staff as it embarks on a fresh cost-cutting drive just months after ousting its chief executive.

The cuts would mostly affect high-paid roles and shrink the global workforce by 4%, the Financial Times reported (£). It comes as the UK-based bank grapples with falling interest rates, Brexit and global tariff wars. HSBC declined to comment.

The job losses would come on top of 4,700 redundancies – mostly senior jobs – announced in early August, when HSBC similarly warned about a challenging global environment linked to US interest rate cuts, Britain’s EU divorce, the US-China trade war, and unrest in Hong Kong.

The staff cuts would mark the first major shake-up under the interim boss, Noel Quinn, who took over after the surprise departure of the chief executive, John Flint, in August. Flint is believed to have left HSBC amid tensions with its new chairman, Mark Tucker, after failing to take swift action on tough decisions at the lender. HSBC said its strategy had not changed and insisted Flint left by “mutual” agreement.

https://www.theguardian.com

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