Europe Bankers’ Annus Horribilis Continues With 4,000 HSBC Cuts

Logos sit illuminated on the HSBC Holdings Plc headquarter skyscraper offices in the Canary Wharf business, financial and shopping district in London.Photographer: Luke MacGregor/Bloomberg

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By Keith Campbell and Harry Wilson

August 5, 2019 at 3:32 PM UTC

This article is for subscribers only.

Summer just got a bit gloomier for the European banking job market.

HSBC Holdings Plc announced the surprise ouster of its top executive on Monday, but John Flint isn’t the only banker who will go. Europe’s largest lender also fleshed out the extent of a job reduction plan. More than 4,000 posts will be cut, and Chief Financial Officer Ewen Stevenson said the program is aimed at more senior staff.