Hong Kong: Britain’s HSBC Bank may soon expel 10,000 people. Indeed, HSBC Holdings PLC is working on cost-cutting, which could pose a threat to more than 10,000 jobs. This claim has been made in a report by the Financial Times. However, SSBC has so far refused to comment on the matter. HSBC wants to reduce banking costs. HSBC may announce the start of job cuts while announcing the third-quarter results report later this month.
HSBC will first cut 4,700 jobs. At the same time, an HSBC spokesperson declined to comment on the job cuts. Interim CEO Noel Quinn wants the cost of the entire banking group to be reduced. Although, Those whose salary is higher will be removed first from the job. Let us know that Quinn was made the interim CEO in August after John Flint left. The bank had said that in view of the challenging global environment, there was a need to go for this decision. Flint’s departure was a result of differences with chairman Mark Tucker.
The first cuts were announced in August when chief executive John Flint left suddenly after leading the bank for 18 months. It may be noted that earlier the UK bank HSBC had removed 150 employees from its offices in India for global operations. The bank said it has taken this step as part of a process to re-organize its operations globally. Earlier, Deutsche Bank of Germany also started retrenchment of staff supporting India in global operations. Sources said that HSBC has 2.38 lakh employees globally. Its move to reorganize global operations has affected less than 150 employees. The management-level employees of the bank have been removed mainly in Pune and Hyderabad.