Daily Management Review

HSBC to lay off up to 15 thousand employees


10/07/2019


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






Science & Technology

Airbus: Passenger hybrid aircraft to take off before 2035

Ocado To Introduce ‘Mini Robotic Warehouse’ With Standard Productivity

AB InBev’s Piled Up Alcohol Is ‘Too Good to Waste’

Ericsson Mobility forecasts nearly fourfold increase in mobile traffic by 2025

Elon Musk: We received 146,000 orders for Cybertruck

Google turns the screws on political ads

Apple to come up with AR glasses

WEF: Big data regulation becomes a problem

Israeli Firm Accused Of Spying By WhatsApp, Lawsuit Filed Against It

Google Used Quantum Computer To Solve Complex Problem

World Politics

World & Politics

Massive blackout unfolds in Venezuela

French And Russian Presidents To Discuss The Moratorium On Missiles In Europe

EU adopts budget for 2020, more funds allocated to climate change fight and innovation

Israeli prime minister indicted in three criminal cases

Argentina finds a way to pay off IMF loan

Sweden closes Assange rape inquiry

Has Chile Put All Its Eggs In One Basket To Turn Towards Renewable Energy?

‘We Are Woefully Underprepared’ As Glaciers Meltdown Leaving Global Water Supply At Risk