HSBC plans to resume previous plans to reduce the approximately 35,000 jobs it has frozen after the outbreak of the Corona virus.
According to Reuters, Chief Executive Officer Noel Quinn said in a note sent to HSBC's 235,000 employees worldwide on Wednesday: The The bank will also keep most external appointments frozen.
Quinn said, "We cannot stop losing jobs indefinitely - the matter has always been in question, not whether it will happen, but when." Adding that measures announced for the first time in February are becoming more necessary today.
A HSBC spokeswoman confirmed the memo’s content.
HSBC postponed the job cuts, which is part of a broader restructuring to cut costs by $ 4.5 billion, in March, saying that exceptional circumstances meant it would be a mistake to lay off employees.
But Quinn said he should now resume the program as profits decline and economic expectations point to future challenges, adding that he has asked senior executives to consider ways to cut more costs In the second half of 2020.
A senior executive familiar with the plans said the bulk of the cut would be likely in the administrative operations sector of banks and global markets, which includes investment banking and trading activities for HS. BBC.
The official added that the cuts would also affect senior bankers in Britain working in the management of global banks and markets, the headquarters of HSBC, as well as support staff in its activities throughout The world.
The official said that while HSBC expects a natural decrease of 25,000 jobs per year, the reallocation of all affected employees will not be realistic.
