Daily Management Review

HSBC to lay off up to 15 thousand employees


HSBC Bank's interim CEO, Noel Quinn, intends to significantly reduce the company's costs by cutting down up to 15 thousand employees. According to the Financial Times, in addition to the 4.7 thousand job cuts announced a few weeks ago, the British bank intends to dismiss another 10 thousand employees.

Håkan Dahlström
Håkan Dahlström
“We realized that we have to do something with our costs, most of which are related to staff. Finally, we take the ox by the horns,” one of the sources in the bank told. According to the newspaper, the reduction will primarily affect the highly paid specialists of the company.

For the first time, upcoming mass layoffs at HSBC back in May were reported by Bloomberg. But then it was only a few hundred people. During the presentation of the financial statements for the second quarter of the year, HSBC management announced resignation of the then CEO of the bank, John Flint, who had worked for the company for more than 30 years, and his intention to reduce several thousand employees.

source: ft.com