HSBC Announces To Cut 35,000 Jobs Worldwide2 min read

In a recent press briefing, HSBC has confirmed that they will ax 35,000 jobs within 2022 and invest more in digital systems. They currently have 235,000 employees all over the world as of now. Within two years, they plan to reduce the number to an even 200,000. The decision came to light after an earnings call on February 18.

The interim chief executive, Noel Quinn confirmed that the company will cut $4.5bn worth of costs to reduce its plunging profit and give better returns to its shareholders. This is the last phase of the company’s decade long retreat from the global arena to focus on its Asian cash cows. 

Read More: Brand Story | Did You Know, Marlboro Used To Be A Women’s Cigarette

HSBC, currently operating in 64 countries, has hinted at major job cuts and branch closing all over the United Kingdom. It employs 40,000 people in the UK including blue & white collars. The union officials called an urgent meeting to discuss this sudden announcement by HSBC.

Read More: Google Maps Gets New Icon and New Features

 Despite this nifty call to action, HSBC is still spending heavily on its employee bonuses which exceeds $3bn+ worldwide. The recent signing of Chief Financial Officer saw him getting a signing bonus of $1Million in addition to his $4.9 M salary package. 

Read More:HSBC began cutting London trading jobs yesterday

The company has also issued a warning regarding coronavirus in China. Individual clients may fall ill, corporate clients may have to suffer from supply chain regulations. HSBC is monitoring the situation closely so that they can take the necessary steps upon any escalation of the virus.

The Asian market is a large plan in HSBC’s new restructured plan. However, if the coronavirus persists, they will have to pivot quickly from their original plan and focus elsewhere. 

Check Out
0 0 votes
Article Rating

Get real time updates directly on you device, subscribe now.

You might also like
Notify of

Inline Feedbacks
View all comments
Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Would love your thoughts, please comment.x


Join our mailing list to receive the latest news and updates from Markedium!

You have Successfully Subscribed!