10000 set to lose jobs in HSBC as bank cuts cost

UPDATE 1-HSBC to cut up to 10,000 jobs in drive to slash costs-FTMore

According to media reports, HSBC Holdings has plans to cut up to 10,000 jobs as a way to cut costs. According to the financial times, HSBC is questioning why it has so many people in Europe when it has double-digit returns in parts of Asia.

The latest cost-cutting drive and job cuts are expected to be announced in the company's third-quarter results, which are due to be released later this month.

Despite the notion that the job cuts are overdue, HSBC has announced similar plans in the past.

Flint's exit was a results of variations of opinion with chairman Mark Tucker over matters together with approaches to slicing bills, an individual accustomed to the matter advised Reuters in August.

"Unite is appalled by press reports of 10,000 job cuts globally and has raised urgent questions with the management of the bank in order to get vital answers on behalf of our members working within HSBC", the Union responded.

HSBC headquarters in London had announced resignation of CEO John Flint, just 18 months after he took charge in September.

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.

When asked about the potential impact on HSBC's Singapore staff, an HSBC Singapore spokesman said the bank will not be commenting on the reported "speculation".

Anxious about its position as the biggest foreign bank in China, HSBC launched a public-relations offensive aimed at leaders in Beijing, Bloomberg reported last month.

Worse hit locations: The job losses affected HSBC's European operations majorly, where returns have been unimpressive compared to its Asian division. Deutsche Bank (DE:DBKGn) unveiled 18,000 job cuts earlier this year in a major strategic rethink, the big difference being that its problems were most acute in the USA, the one major developed market where banking is still reasonably profitable.

Chief Financial Officer Ewen Stevenson said in August that the bank's returns from Europe were "unacceptable", while in the U.S., the bank said it would miss the return target it had set for next year.

Related News:

Most liked

Master snark like Stark when Iron Man VR arrives in February
A new story trailer viewable at the top of this page was released to coincide with Friday's announcement. Furthermore, Marvel also announced Iron Man VR digital deluxe edition which will be available for $50.

Colts shut down Mahomes, hand Chiefs first loss
The offensive line allowed Mahomes to be sacked four times; once more than he was sacked in the first four games of 2019 combined. No one predicted that would happen to the Colts in Week 5, especially with the Colts missing several key players on defense.

Groom accused of sexually assaulting wife's bridesmaid
Authorities say the victim, a 29-year-old OR woman, said she was sexually assaulted at a hotel in Smithfield on August 30. During the call, Carney allegedly repeatedly apologised to his accuser for the assault, blaming himself several times.

GE freezes pensions for 20K, trimming up to $6B in debt
GE expects to record a non-cash pension settlement in the fourth quarter, but did not specify the amount. The company had about 283,000 employees at the end of 2018, about 97,000 of them in the United States.

Japan vs Samoa | 05 Oct 2019
Japan's bonus-point victory over Samoa on Saturday has seen them go on top of Pool A with 14 points after three games played. It's the first time ever Japan's got themselves in the position where they can top the pool, so it's new territory for us.

Golovkin vs Derevyanchenko: GGG rallies to edge out Sergiy Derevyanchenko
Gennadiy Golovkin looked every bit of his 37 years, but he still managed to have his arms raised in victory. Golovkin and Derevyanchenko then went back and forth in one of the most action-packed rounds of the year.

Red Wings Dump Dallas
The Red Wings are still going to face uphill battles nearly every night, even after a couple early wins. Mantha's final goal was set up by Filip Hronek's centering pass after Larkin won a faceoff.

Kosovo's Opposition Self-Determination, LDK Parties Neck And Neck in Election
With the exception of Haradinaj, however, other key parties signalled they were ready to consider dropping the increase. In Serb-dominated northern Kosovo, the Belgrade-backed Serb List party won most of the 10 guaranteed parliament seats.

'You know how to pick your Aston Villa games, Your Royal Highness'
Prince George was caught by television cameras punching the sky after one of Aston Villa's goals. Kensington Palace later posted a video of George's reaction on their official Instagram page.

Redskins fire head coach Jay Gruden after 0-5 start
A source told the Associated Press that offensive line coach Bill Callahan would replace Gruden on an interim basis. Among the NFL's 32 teams, Washington ranks 30th in points scored and 30th in points allowed.

Apple Offerings Free Repair Program For iPhone 6s & 6s Plus Affected User's.
The Telephoto camera helps capture 40 per cent more light compared to last year's iPhone XS for better photos and videos. As for how the company conducts its battery test, it uses a robotic finger made to "simulate a consumer's average day".

Audrain Concours coup: Aston Martin debuts Centenary auto
Meanwhile, the other vehicle - the DB4 GT Zagato Continuation - is a track-only auto which pays homage to the original DB4 Zagato. The two models were shown for the first time at Audrain's Newport Concours in the United States at the weekend.

Packers WR Davante Adams (toe) ruled out against Cowboys on Sunday
The Cowboys are projected to win this game by 3.5 points, so it should be a very close game between these two division leaders. The Cowboys missed a field goal in their effort to get on the board in the first half - with about 40 seconds to go.

Supreme Court takes abortion case over regulation of doctors
Wade - indeed, it is fairly likely that the Court will prefer to dismantle the right to an abortion in incremental steps. The court will also hear a challenge to a restrictive abortion law in Louisiana state - another flashpoint issue .

Samsung Galaxy Fold next sale date announced: Price, specifications, features
Samsung's Galaxy Fold can be yours very soon - and it is a little bit more affordable in the UAE compared to its USA pricing. Samsung designers hit the planning phase again and raised the new Galaxy Fold, which is discharged around the world.