28 Apr 2020. Banking giant HSBC will cut 35,000 jobs … Last modified on Tue 4 Aug 2020 04.37 BST. Earlier this month, US Secretary of State Mike Pompeo criticised HSBC for supporting China's move to impose new security legislation in Hong Kong. New chief executive Noel Quinn gave the news to his 235,000 staff around the globe in a memo seen by the BBC and confirmed as authentic by the bank. The interim chief executive, Noel Quinn, confirmed on Tuesday that plans to cut $4.5bn (£3.5bn) worth of costs would involve slashing about 15% of the group’s global workforce. HSBC’s London-listed shares tumbled 5.7% in morning trading to 322p each. HSBC has said it will axe around 35,000 jobs as it announced profits for 2019 fell by about a third. HSBC restarts plan to axe 35,000 jobs after coronavirus put redundancies on hold 'We could not pause the job losses indefinitely - it was always a … © 2021 BBC. lInstead, these workers will move to other nearby branches. HSBC. HSBC HSBA.L had postponed the job cuts, part of a wider restructuring to cut $4.5 billion … Paul Clarke. The bank will also review less-profitable areas of business. HSBC, which is part-way through a massive overhaul to slash costs … "At present vast numbers of HSBC staff are making massive sacrifices working from home or taking risks travelling into offices and bank branches to help customers.". HSBC announces 35,000 worldwide job cuts after profits plunge 53% to $6 billion amid crisis over US-China trade war, Brexit and coronavirus. The bank, which makes most of its profits in China and Hong Kong, reported a $3.8bn loan loss charge, almost seven times the $555m it put aside for bad debts last year, and higher than the $2.7bn predicted by analysts. Ewen Stevenson, chief financial officer at HSBC Holdings Plc., discusses the possibility of the bank paying a conservative dividend for 2020, credit losses and the company’s cost cuts. Are Britain's banks strong enough for coronavirus? That is far worse than the $2.5bn that analysts had expected. Google threatens to pull search engine in Australia. Stevenson and Quinn wouldn’t say whether the new plans would involve more job cuts. "The question that must be asked today is why now HSBC?" The three-year restructuring effort aims to cut $4.5bn (£3.4bn) in costs and will result in the loss of 35,000 jobs over the next three years. He said the lender would ramp up cost-cutting plans announced in February, which were originally estimated to involve 35,000 job cuts across its global business. Various chief executives have aimed to make HSBC a simpler business, especially after the bank agreed to pay $1.9bn to regulators in 2012 over poor money laundering controls. HSBC has paused plans to cut 35,000 jobs, saying it does not want to leave staff unable to find work elsewhere during the coronavirus outbreak. Your support powers our independent journalism, UK financial sector told it must be prepared for risks from businesses damaged by coronavirus pandemic, Ex-diplomat will steer investment bank’s ‘strategic ambitions’ months after quitting Whitehall post, Portuguese banker to take over at Swiss bank in wake of spying scandal, HSBC banker will take over from António Horta-Osório within the next year, Available for everyone, funded by readers. When HSBC announced its strategy in February 2020 it said that it planned to cut rates traders, to reduce sales and research coverage in European cash equities, to move structured product capabilities from the U.K. to Asia, to … Staff at HSBC’s investment bank are braced for “the worst”, as the group prepares to slash bonuses and cut jobs in a radical … Published 10 June 2020. 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. 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