Earlier this year, the bank made it public that it might cut almost 4,000 jobs year as the business climate is not helping the growth outlook. "We are asking why we have so many people in Europe when we've got double-digit returns in parts of Asia", Financial Times quoted an unnamed source as saying. But reported comments suggest that the focus will be on high-paid jobs and management roles rather than the numerous back-office and IT roles.
In addition, the bank has a new interim chief executive, Noel Quinn, who replaced John Flint in August.
"LONDON (AP) â€" British labor union Unite has expressed dismay over reports that the bank HSBC will slash 10,000 jobs worldwide. Deutsche Bank started by announcing 18,000 job cuts, a fifth of its global workforce, and posted its biggest quarterly loss in four years in July. That, combined with fewer replacements and a group-wide streamlining program, could see the 238,000-strong workforce drop by as many as 10,000, the person said, requesting anonymity to discuss private deliberations.
While Flint has a 12-month notice period, he will stop his day-to-day responsibilities at the group and help HSBC in the transition to find a replacement, while Quinn takes over as interim chief executive.
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HSBC could announce that it has begun the cost-cutting exercise when it reports third-quarter results later this month, one of the people said, although the bank has not yet made a final decision on when to make the plan public. This was reported by the Financial Times, citing two informed sources.
The bank earns nearly 75% of its pretax profit in the so-called Greater China region, in particular through its dominance of the Hong Kong banking market.
However, the bank is not looking to cut back its high-growth business in parts of Asia where staff are generating revenue.
The job reduction comes as a sign that the slump may be more permanent that previously thought, going beyond trade-war tension and easing monetary policy cycle in Europe and the US.