HSBC Announces To Cut 35,000 Jobs Worldwide

Shafayat HossainFebruary 20, 20201 Mins read1.2k

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: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.

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Shafayat Hossain

Shafayat is an ambitious marketing professional looking to become one of the trendsetters in the 21st Century. He is often quoted as the efficacious wordsmith among his peers. He relishes the opportunity to explore the marketing industry through the articulate aesthetics of written expressions. Among many accolades, He is proud to be acknowledged for his work in “City Alo”; A project of City Bank that inspires women to become financially independent. He is currently working on his book titled “Life in me” that is written in a quirky style he never gets to apply in the professional world. He is an active promoter of “alt text” and aspires to make every Bangladeshi website accessible to the visually impaired.