HSBC to Shed 35,000 Jobs In Radical Move to Downsize

HSBC has said it plans to slash about 35,000 jobs as part of a radical downsizing of its operations in Europe and the US, as it warned of the threat to its business from social unrest in Hong Kong and the coronavirus outbreak, the Financial Times reported. The London-based bank said it aimed to cut annual costs by $4.5bn and shed $100bn of assets adjusted for risk by the end of 2022 as it attempts its most drastic overhaul since the financial crisis in an attempt to kick-start its stuttering business. The bank did not publish a headcount reduction target but in an interview with the Financial Times, Noel Quinn, interim chief executive, said he expected the number of full-time employees to fall from about 235,000 to 200,000 within three years. Read more