HSBC Resuscitates Plan to Cut 35,000 Jobs to Boost Growth
- Bank paused cuts in March as the coronavirus spread globally
- Union says announcement causes “great apprehension” for staff
Empty desks sit above a HSBC Holdings Plc logo at their office building in the Canary Wharf financial, business and shopping district of London.
Photographer: Chris J. Ratcliffe/BloombergThis article is for subscribers only.
HSBC Holdings Plc has restarted cutting as many as 35,000 jobs, three months after the coronavirus outbreak forced it to pause a long-awaited overhaul to boost profitability.
“Since February we have pressed forward with some aspects of our transformation program, but we now need to look to the long term and move ahead with others, including reducing our costs,” Chief Executive Officer Noel Quinn said in a memo published Wednesday.