In view of the COVID-19 pandemic, renowned London-based HSBC Bank, plans to cut down on its global team size by 35,000 jobs. HSBC Bank employs over 235,000 staff around the globe, who are in shock after hearing the news.
In addition to this shocking news, the bank will also freeze almost all external hiring, after a recent memo by HSBC Bank CEO Noel Quinn, who confirmed the news.
"We could not pause the job losses indefinitely—it was always a question of 'not if, but when', the measures first announced in February were "even more necessary today," Quinn said.
According to The Week report, HSBC initially postponed the job cuts and part of a wider restructuring to cut $4.5 billion in costs, in March stating that the extraordinary circumstances meant it would be wrong to push staff out.
But now, the job cut plan has been revived again after the company is facing issues with economic forecasts. Quinn also added that he had asked senior executives to look at ways to cut more costs in the coming months.
Looking at crisis across the world, Europe and the U.S. are expected to face the job cuts as HSBC attempts to turn around its businesses where it has been struggling to make money.
The job cuts are likely to take place at Global Banking and Markets (GBM), which houses HSBC's investment banking and trading, The Week further reported.
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