HSBC to Axe Up to 10,000 Jobs in Cost-Cutting Drive — Financial Times

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

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

But reported comments suggest that the focus will be on high-paid jobs and management roles rather than the numerous back-office and IT roles.

In August, John Flint was ousted as CEO and replaced with Quinn in part because of his failure to get to grips with the bank's cost base.

After the decision to see 4,700 out of their jobs in August, HSBC Bank Plc, one of the largest banking and financial services organisations in the world has chose to kick an extra 10,000 staff members out of their jobs. The latter has a record of taking effective steps to lower costs when he was in the Royal Bank of Scotland. The newspaper described the cuts as an attempt to rein in costs by reducing its headcount among a staff of about 238,000.

However, an insider said the downsizing would not prevent the bank from hiring "revenue-generating" staff in high-growth regions of Asia.

Cutbacks were already on the rise after the London-based bank began encouraging managers to look for greater savings through a program known internally as Project Oak.

The banking giant is one of many lenders struggling with a global slowdown and falling interest rates.

Deutsche Bank has announced 18,000 job cuts and France's Societe Generale 1,600. For the effective execution of the plan, Quinn has teamed up with Ewen Stevenson, the Chief Financial Officer of HSBC Bank, who actively participated in the same role when he was a part of the Royal Bank of Scotland.

HSBC -Hong Kong and Shanghai Banking Corporation- makes most of its profit in Asia.

According to stock market news, the bounce back in September pushed up HSBC share price more than 6 percent over the previous month although it still lagged many blue-chip banking peers and top stocks in the financial sector.

The job reduction comes as a sign that the slump may be more permanent that previously thought, going beyond trade-war tension and easing monetary policy cycle in Europe and the US.

'The cut to almost 0.4 per cent of the workforce is HSBC acknowledging the problems it faces from a slowing economy in China, unrest in Hong Kong and lower interest rates across the USA and Europe, ' said Jasper Lawler, head of research at London Capital Group.

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