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.

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