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HSBC to Cut Up to 10,000 Jobs to Slash Costs, FT Reports

  • Quinn pursues more aggressive cost reduction than ex-CEO Flint
  • This plan would cut about 4% of the bank’s overall headcount
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HSBC may eliminate as many as 10,000 jobs to save costs. Bloomberg Intelligence’s Jonathan Tyce has the details.(Source: Bloomberg)
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HSBC Holdings Plc may eliminate as many as 10,000 jobs as part of a cost-cutting drive, according to a Financial Times report that signaled Europe may bear the brunt of the initiative.

The bank, one of several European lenders shrinking its workforce, is questioning why it has so many people in the region when it has double-digit returns in parts of Asia, one person briefed on the matter told the newspaper.