Apart from the cost-cutting, it also plans to shed $100bn worth of assets by the end of 2022. HSBC confirmed in February that it would scale back its investment banking activities in Europe and the US, with around 35,000 job cuts over the next three years. HSBC has … Individual borrowers could fall ill, while corporate customers could face financial difficulty if supply chains are disrupted due to trade restrictions or factory closures, particularly in China. The presentation to investors this morning suggests HSBC will significantly reduce the size of its equities, derivatives and rates businesses. I think it’s really a call on how long does it take to contain the virus, and certainly some of the latest data has given us more optimism on that over the last week or so.”. HSBC announces 35,000 worldwide job cuts after profits plunge 53% to $6 billion amid crisis over US-China trade war, Brexit and coronavirus. The coronavirus outbreak is the latest challenge HSBC has had to face in Asia. HSBC to accelerate cost-cutting restructure with 35,000 job losses as profits plunge Following a temporary suspension of its restructure due to the pandemic, HSBC confirms it will now speed up its transformation plans. Over the next three years worldwide headcount will fall from 235,000 to “closer to 200,000” in the words of Noel Quinn, interim chief executive. HSBC has confirmed that 35,000 jobs are to be shed as it announced its 2020 interim results where the global financial giant reported a revenue of $3.606bn, down from $4.506bn in 2019's first half. The group employs about 40,000 staff in the UK. HSBC is in a row with unions amid claims the banking giant is "massaging" the latest redundancy figures to … Most of the remaining cuts will be in administration. The bank now believes that growth around the world will be lower than it previously expected and, with interest rates low too, the bank needs to reshape itself further. Whether you are looking for a first job or taking the next step in your career, we offer many ways for you to realise your ambitions. The UK cutbacks are part of a wider restructuring across the bank’s European operations, where it aims to cut costs by 25%. UNITE, the union, represents nearly 20,000 UK staff, in branches, call centres and back office roles, has called for urgent talks with management and criticised what it said was “yet another major reorganisation” by the bank. Once again, there’s every chance that the jobs which are shed as a result will be felt in London and Birmingham. But if the outbreak continues to spread throughout the second half of the year, HSBC could be forced to set aside as much as $600m to deal with the business fallout. Quinn, who took over as interim chief executive after the ousting of John Flint in August last year, was paid nearly £2m including a £665,000 bonus. The move being spearheaded by interim Chief Executive Officer Noel Quinn is aiming to slash costs, according to reports. HSBC’s profits before tax for 2019 dropped 33% to $13.3bn, substantially below analysts’ forecasts. HSBC are to accelerate 35,000 jobs losses following their financial results and their customer bad debts relating to Coronavirus could reach £9.8 billion. In 2015 HSBC laid off 10% of its global workforce, including 8,000 people in the UK. London will remain “a hub” for HSBC’s investment bank but it will undoubtedly take a hit as the bank shrinks activity and “rebalances” towards Hong Kong and Singapore where the pickings are richer. LONDON (Reuters) - HSBC plans to cut up to 340 manager jobs as part of a shake-up of its branch network in Britain, a source familiar with the matter told … Provisions for coronavirus would help cover bad debts if customers start to default on their loans. The business showed “great resilience” last year and is seen as a having brighter prospects. For more details of these cookies and how to disable them, see our cookie policy. HSBC has launched a restructuring of its commercial banking business in Britain. HSBC’s profits before tax for 2019 dropped 33% to $13.3bn, substantially below analysts’ forecasts. HSBC employs 41,500 in the UK. HSBC also plans to merge its “back and middle office” sections of its commercial bank and its investment bank. HSBC restructuring plans fuel fears of job cuts The job losses will hit both the retail banking arm of HSBC as well as its investment bank, the BBC reported. HSBC’s shares fell 6.2% in afternoon trading to 553p. Read HSBC's 2,000 job losses latest on ITV News. HSBC has said it will slash 35,000 jobs over three years as part of a major shake-up as it issued a warning over the impact of the coronavirus outbreak in Asia. HSBC is listed and headquartered in London but trades in more than 60 countries and does an ever increasing proportion of its business in Asia, which accounts for half of the bank’s sales and the lion’s share of its profits. HSBC will close 82 branches across the country, the company has announced. Stevenson said: “We expect to take additional loan loss provisions as a result of the coronavirus and the weakened outlook for the Hong Kong economy. The Evening Standard’s business news editor Alex Lawson explains why it’s so important the UK negotiates hard with Europe for the city to remain the region’s finance capital. Slough, Berkshire, UK. HSBC, the UK's largest bank, is to resume its plans to cut 35,000 jobs. 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