INTERNATIONAL – HSBC Holdings is planning to cut up to 10 000 jobs, more than 4 percent of its workforce, as interim chief executive Noel Quinn seeks to reduce costs across the banking group, the Financial Times reported on Sunday.
The plan represents the lender's most ambitious attempt in years to cut costs, the newspaper said here citing two people briefed on the matter. It said the cuts would focus mainly on high-paid roles.
HSBC declined to comment on the FT report.
The bank had 237 685 full-time employees at the end of June 2019, according to its 2019 interim report.
HSBC could announce the beginning of the latest cost-cutting drive and job cuts when it reports third-quarter results later this month, the FT said, citing one person briefed on the matter.