HSBC to issue pink slip to 10,000 more employees

Hong Kong, October 7

Advertisement

HSBC is planning to lay off up to 10,000 staff, a report said on Monday, just weeks after announcing the resignation of its chief executive and the cutting of 4,000 posts citing a weak global outlook. The latest losses, mostly in high-paid roles, are part of a fresh cost-cutting drive by interim boss Noel Quinn as the banking titan struggles to adjust to falling interest rates, Brexit and the long-running trade war, the Financial Times reported. “We’ve known for years that we need to do something about our cost base, the largest component of which is people — now we are finally grasping the nettle,” the paper quoted an unnamed source as saying. The bank last month announced the shock exit of CEO John Flint after just 18 months in the hot seat . AFP