HSBC cuts headcount by 35,000 in deep overhaul The bank plans to reduce its workforce from 235,000 to 200,000 in the next three years. Months of pro-democracy protests in Hong Kong “weighed on the local economy and caused significant disruption,” he said. HSBC is set to announce huge job cuts after confirming a huge slump in profits. A radical overhaul at HSBC which see 35,000 jobs axed does not go far enough, shareholders have said. In June, the UK's largest bank said it would push ahead with its plan to cut 35,000 jobs from a global workforce of 235,000 as part of a major restructuring announced in February. The bank is the latest company to shed light on the impact of the fast-moving virus that has gripped China over recent weeks and led to a near nationwide economic standstill. Standard Chartered's group chairman José Viñals said: "We are convinced that more collaboration - not less - is the best way to find a sustainable equilibrium in these complex situations, but we do not expect an easy or quick resolution. HSBC is set to announce huge job cuts after confirming a huge slump in profits. Mr Pompeo said the Chinese Communist Party's (CCP) "browbeating" of HSBC "should serve as a cautionary tale". HSBC has revived plans to cut around 35,000 jobs. That's according to a staff memo seen by Reuters on Wednesday (June 17). HSBC has also been hit by the low interest rate environment, which squeezes a bank's profit margins on the loans it provides. "Our operating environment has changed significantly since the start of the year," he said. The London-based bank aims to cut $4.5 billion in costs and scale back its Western operations. HSBC’s ambition to cut 35,000 jobs has been accelerated due to its latest and lacklustre financial results. Markets HSBC to Cut 35,000 Jobs and $100 Billion of Assets Europe’s biggest bank plans to invest more in its fast-growing Asian and Middle Eastern operations 155-year-old HSBC … The layoffs were first announced in February before the … HSBC plans to cut some 35,000 jobs over the next three years and slash $100 billion in assets as it undertakes a huge restructuring following a steep drop in profits. World HSBC cuts headcount by 35,000 in deep overhaul The bank plans to reduce its workforce from 235,000 to 200,000 in the next three years. "However, the need for a bank capable of bridging the economies of east and west is acute, and we are well placed to fulfil this role.". Republicans seek delay 'to give Trump fair trial', Chinese miners to remain trapped two more weeks, One year on from the world's first lockdown in Wuhan, .css-1snjdh1-IconContainer{display:none;height:0.875em;width:0.875em;vertical-align:-0.0625em;margin-right:0.25em;}'Only our generation can heal America' Video'Only our generation can heal America', ‘The painful call that helped me break free from my mum’. The bank will also maintain a freeze on almost all external recruitment, Chief Executive Noel Quinn said in the memo, which was sent to HSBC's 235,000 staff worldwide. HSBC has resumed plans to cut 35,000 jobs globally, ending a hiatus provoked by the COVID-19 pandemic. HSBC will be resuming its plan to cut 35,000 jobs after it had been put on pause during the COVID-19 outbreak as the largest bank in Europe faces declining profits. That includes slashing its American retail bank network and consolidating some of its business lines. British bank HSBC announced plans Tuesday to cut nearly 15% of its global workforce — some 35,000 jobs — and shed $100 billion in investments as it refocuses on growth markets in Asia. According to an internal memo sent by the bank’s chief executive Noel Quinn to its … Chief Executive Noel Quinn wrote the bank will also keep a freeze on almost all external recruitment. HSBC to Cut 35,000 Jobs Dave Kovaleski. The coronavirus is causing economic disruptions in Hong Kong and mainland China that could hurt HSBC’s performance this year, the bank warned. New chief executive Noel Quinn gave the news to his 235,000 staff around the globe in a memo seen by the BBC and confirmed as authentic by the bank. An HSBC … Its branding is familiar around the globe, but HSBC is a bank that likes to stay out of the headlines. HSBC, the UK's largest bank, is to resume its plans to cut 35,000 jobs. HSBC’s ambition to cut 35,000 jobs has been accelerated due to its latest and lacklustre financial results. The protests have pushed Hong Kong’s economy into recession as businesses that once thrived from mainland tourism have taken a hit. LONDON: HSBC is resuming a redundancy plan it put on ice after the coronavirus outbreak, and will cut around 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed. LONDON (BBC News): HSBC, the UK’s largest bank, is to resume its plans to cut 35,000 jobs. Back in February, HSBC initially announced the cutting of around 35,000 jobs, as its profits plunged by about a third in 2019. Hong Kong staff face anxious wait as HSBC restarts 35,000 job cuts. HSBC is to press ahead with plans for mass redundancies that had been put on hold at the peak of the coronavirus pandemic, with around 35,000 jobs set to be cut globally. The bank announced on Tuesday it was axing 82 branches across the country and would cut services in others, including stripping out some counter services. Major HSBC Layoffs: 35,000 Job Cuts and Massive Restructuring Announced Banking giant HSBC has unveiled a major restructuring plan that includes 35,000 job cuts. The lender had originally announced the plan in February, but put it on hold amid the coronavirus pandemic. HONG KONG — HSBC plans to cut 35,000 jobs over the next three years as the global bank scales back its Western operations to focus on faster-growing Asian markets, particularly China. The bank's annual statement revealed a 33% fall in pre-tax profit for 2019 - … British bank HSBC announced plans Tuesday to cut nearly 15% of its global workforce — some 35,000 jobs — and shed $100 billion in investments as it refocuses on growth markets in Asia. London (CNN Business) HSBC has resumed plans to cut 35,000 jobs and restructure its business, saying that the coronavirus pandemic has made … The BBC is not responsible for the content of external sites. LONDON (BBC News): HSBC, the UK’s largest bank, is to resume its plans to cut 35,000 jobs. New chief executive Noel Quinn gave the news to his 235,000 staff around the globe in … HSBC to resume massive restructuring plan, cut 35,000 jobs HSBC plans to cut as many as 35,000 jobs as part of a massive overhaul first unveiled in … It is currently embroiled in a political battle over its support of China's national security law in Hong Kong while pushing ahead with the major restructure of its global banking operations. LONDON: HSBC is resuming a massive redundancy plan it had put on ice following the outbreak of coronavirus, and will cut 35,000 jobs over the medium term, … The bank had already conducted several rounds of … HSBC restarts plan to axe 35,000 jobs after coronavirus put redundancies on hold 'We could not pause the job losses indefinitely - it was always a … HSBCis to accelerate plans to cut 35,000 jobs globally after the Covid-19 crisis forced the bank to put aside another $3.8bn (£2.9bn) to cover bad debts. HSBC to speed up 35,000 job cuts after profits plunge 65 per cent. HSBC to cut 35,000 jobs. "We do believe, however, that Hong Kong will continue to play a key role as an international financial hub and we are fully committed to contributing to its continued success," he added. The bank has already begun an overhaul that involves cutting back operations in the United States and Europe, Mr. Quinn said. Mr Quinn also signalled the resumption of restructuring plans which will pivot the business further towards Asia, with job cuts expected in the UK investment bank and the American branch network. HONG KONG — HSBC plans to cut 35,000 jobs over the next three years as the global bank scales back its Western operations to focus on faster-growing Asian markets, particularly China. While parts of the country are getting back to work, the reopening of business operations for many companies has been slow. The move came as the bank’s net profit plunged 53% last year. The plan was originally announced in February, but then put on hold amid the global health crisis. What happens to your body in extreme heat? Markets HSBC to Cut 35,000 Jobs and $100 Billion of Assets Europe’s biggest bank plans to invest more in its fast-growing Asian and Middle Eastern operations 155-year-old HSBC … LONDON: HSBC is resuming a redundancy plan it put on ice after the coronavirus outbreak, and will cut around 35,000 jobs over the medium … HSBC announced plans to cut 35,000 of its 235,000 global staff in … The job cuts … HSBC plans to cut up to 340 manager jobs as part of a shake-up of its branch network in Britain, a source familiar with the matter told Reuters. HSBC to press on with 35,000 job cuts HSBC also said it set aside between $8bn and $13bn this year for bad loans as it expects more people and businesses to … An HSBC advertisement outside the bank’s offices in Hong Kong on Tuesday. The bank is dealing with a number of challenges, including tensions between China and the west. HSBC shares trading in Hong Kong closed 2.8 percent lower on Tuesday. Chief Executive Noel Quinn wrote the bank will also keep a freeze on almost all external recruitment. HSBC will also put a halt on all external hiring, according to a memo Chief Executive Noel Quinn wrote on Wednesday to the bank’s 235,000 […] CNN Hong Kong (CNN Business) HSBC on Tuesday said it would cut around 35,000 jobs and dramatically overhaul its business after its profit plunged by a … The HSBC bank in … HSBC is also slashing … HSBC Restarts Plan to Cut 35,000 Jobs The global bank, beset by tensions in China and losses in Europe, wants to reduce its massive workforce by 15% HSBC restarts three-year plan to cut 35,000 jobs after putting the redundancy programme on hold due to the virus crisis. But their stress is tempered by the likelihood that most of the 35,000 job cuts… HSBC plans to cut about 15% of its 235,000-strong workforce worldwide. Mr. Quinn took the helm after the surprise resignation of John Flint as chief executive in August. The bank said in February it would shed 35,000 jobs and cut business lines and customer relationships across the U.S. and Europe and refocus the bank on its Asian heartland. Nearly half of the bank's revenue comes from Asia. READ MORE: HSBC to axe 35,000 jobs as profit slumps. .css-14iz86j-BoldText{font-weight:bold;}HSBC plans to speed up job cuts after interim profits plunged and the bank said bad loans linked to the coronavirus could reach $13bn (£9.8bn). Stevenson and Quinn wouldn’t say whether the new plans would involve more job cuts. On Monday, Apple cut its sales expectations for the quarter and warned of the impact on the global supply chain. New chief executive Noel Quinn gave the news to his 235,000 staff around the globe in a memo seen by the BBC and confirmed as authentic by the bank. And it's been caught in the midst of increasingly tempestuous relations between China and the West, with the bank expressing support for China's controversial security laws in Hong Kong in June, breaking a tradition of neutrality. Isaac Lawrence/Agence France-Presse — Getty Images. Alexandra Stevenson reported from Hong Kong, and Michael J. de la Merced from London. Last week, Standard Chartered restated its commitment to Hong Kong when it released its first-half results. Weekly quiz: What was the inauguration poem called? HSBC is resuming plans to cut around 35,000 jobs which it had put on the ice after the coronavirus outbreak, as Europe’s biggest bank grapples with the impact on its already falling profits. VideoThe vehicle that got a village smiling, Verdict for tycoon in historic mine corruption trial, BBC Worklife: Why code-switching is different now. The bank has previously said it could wind down or sell its US retail banking operations which could involve shrinking its 224-strong US branch network by about 30%. By Michelle Toh and Hanna Ziady, CNN Business. The move also reflects HSBC’s intent to step back from investment banking. Africa's long wait for the Covid-19 vaccine, The vehicle that got a village smiling. That would make it one of several European lenders to curtail their ambitions for the business after consistently lagging behind American rivals like Goldman Sachs, Morgan Stanley and JPMorgan Chase. HSBCis to accelerate plans to cut 35,000 jobs globally after the Covid-19 crisis forced the bank to put aside another $3.8bn (£2.9bn) to cover bad debts. Updated 10:15 AM ET, Tue February 18, 2020 . Mr Quinn also said the bank would examine "additional actions" to strengthen its business. HSBC will cut 35,000 jobs over the next three years after its profits fell by 33 per cent, it was announced today. .css-1ty7601-HeadlineContainer{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;width:100%;font-size:1rem;line-height:1.375rem;}.css-ftbx47-Heading{width:100%;}Google threatens to pull search engine in Australia.css-2nuv1h-Rank{font-size:1.5rem;line-height:1.75rem;font-weight:normal;padding-left:0.75rem;color:#B80000;}@media (min-width:37.5rem){.css-2nuv1h-Rank{font-size:2rem;line-height:2.25rem;}}1, Republicans seek delay 'to give Trump fair trial'2, What we know about India's coronavirus vaccines3, Trump 'prank-called by Piers Morgan impersonator'4, QAnon in disarray after Biden inauguration5, Anger at Margaret Court's Order of Australia award6, Australian Open player with Covid 'sorry' over row7, Canada governor general quits amid bullying claims8, How a £20 gadget could save lives from Covid9, Senegalese student sorry after vanishing in France10. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}Barclays: We want our people back in the office, Standard Chartered underlines Hong Kong commitment, Mike Pompeo criticises HSBC for backing Hong Kong security law, Google threatens to pull search engine in Australia. Barclays: We want our people back in the office, 'Only our generation can heal America' Video, The vehicle that got a village smiling. According to an internal memo sent by the bank’s chief executive Noel Quinn to its … The bank said in February it would shed 35,000 jobs and cut business lines and customer relationships across the U.S. and Europe and refocus the bank on its Asian heartland. However, as it chases its ambitions, more pressure and scrutiny will be hard to dodge. (In some ways, it is a return to HSBC’s roots: The bank was founded in the 19th century as the Hongkong and Shanghai Bank.). HSBC is on track to reduce global headcount by 10,000 come year end, he said. HSBC is also slashing … The London-based bank announced Tuesday that it aimed to cut $4.5 billion in costs, as it faces headwinds like the coronavirus outbreak in China and months of political strife in Hong Kong, one of its most important markets. While HSBC is headquartered in London, more than half of its profits come from the Asian financial hub of Hong Kong. HSBC plans to cut 35,000 jobs as profit drops 33%. © 2021 BBC. The layoffs were first announced in February before the … The job cuts had initially been put on hold during the coronavirus outbreak. "We will face any political challenges that arise with a focus on the long-term needs of our customers and the best interests of our investors," said Mr Quinn. By Alexandra Stevenson and Michael J. de la Merced. Australia on alert after first case of Covid-19 variant found. US Secretary of State Mike Pompeo and UK politicians criticised HSBC for supporting China's new legislation, which means people face prosecution for speaking out against Beijing. That's according to a staff memo seen by Reuters on Wednesday (June 17). Singapore begins rollout of Pfizer's COVID-19 vaccine with healthcare workers. 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