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Banking major HSBC may lay-off 10,000 employees as a part of cost-reduction: Report

The HSBC will be reporting its third-quarter results later this month. The report says it may make the announcement of lay-off at the same time.

 

New Delhi| As many as 10,000 employees may be laid off in HSBC Holdings Plc as a part of the cost-reduction drive, a report in the Financial Times said. The report said that the company’s interim Chief Executive Officer Noel Quinn is seeking cost-cutting across the banking group.

The HSBC will be reporting its third-quarter results later this month. The report says it may make the announcement at the same time. The report further said that the lay-offs will mainly be from the high-paid roles in the company.

Also Read: RBI to pay Rs 28,000 crores as interim dividend to government

After the company announced John Flint will no longer be the CEO, it appointed Quinn as the Interim CEO in August this year. HSBC had said that it needed a change at the top leadership to address “a challenging global environment.” Reportedly, as soon as he was appointed, Quinn began to work on New plan.

The company had earlier presented a gloomy business outlook given various geo-political developments happening in the region including escalation of a trade war between China and the US, an easing monetary policy cycle, unrest in Hong Kong market and Brexit.

However, HSBC has not yet issued any comment or clarification on the report.

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