HSBC will slash hundreds of jobs globally to cut costs

Leaders at the top are pushing job cuts in segments that are not profitable for the company.

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HSBC is set to cut jobs in its investment banking segment and that could be hundreds of jobs. The plan is to achieve the reduction by the end of the year, and this will impact the organisation globally.

The reductions are expected to begin at the unit as soon as mid-June and will take place over the year.

HSBC Holdings plc is a British multinational banking and financial services holding company, ranked the 7th largest bank in the world.

The HSBC CEO, John Flint is forcing the organisation’s top managers to cut costs since trading and investment banking businesses has suffered turbulent performance in recent years.

The grapevine tells us that at least 500 jobs could go within global investment banking and markets, although formal numbers have not been communicated by the organisation.

Apparently, the head of global banking Greg Guyett who joined the company six months back will be pushing through cuts in his part of the business. The bank will aim to replace the cut roles with jobs in higher-returning businesses.

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