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Capitalism: HSBC cutting 35000 jobs
  • Vitaliy_KiselevVitaliy_Kiselev

    HSBC has announced it will axe 35,000 jobs worldwide as part of a major restructuring after the bank’s profits fell by a third last year.

    The bank is aiming to scale back its headcount from 235,000 to 200,000 over the next three years as it attempts to cut £3.5bn in costs by 2022 and shed more than £70bn of assets.

    And it is only small start.

  • 2 Replies sorted by
  • jleojleo

    HSBC, which is based in London but does most of its business in Asia, is caught among myriad uncertainties. From Brexit to the Hong Kong protests and trade disputes between the United States and China. Now the new coronavirus is adding further concern as it disrupts business in HSBC’s main market.

    The bank’s net profit fell 53 per cent to $6 billion in 2019 and, for this year, it warned of “significant disruption” to its operations due to the outbreak of the virus in China.
  • kurthkurth

    the drug money launderers bank of choice

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