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HSBC reported to plan 10,000 job cuts globally

October 8, 2019 8:10 am
This July 30, 2007 file photo shows an HSBC sign at a branch in London. British labor union Unite has expressed dismay over reports that the bank HSBC will slash 10,000 jobs worldwide. HSBC declined to comment Monday Oct. 7, 2019 on a Financial Times report that interim chief Noel Quinn plans to seek immediate saving across the group. (AP Photo/Kirsty Wigglesworth, file)

British labor union Unite has expressed dismay over reports that the bank HSBC will slash 10,000 jobs worldwide.

HSBC declined to comment Monday on a Financial Times report that interim chief Noel Quinn plans to seek immediate saving across the group. The newspaper described the cuts as an attempt to rein in costs by reducing its headcount among a staff of about 238,000.

The bank has already eliminated some 4,700 jobs as it grapples with Brexit uncertainty and global trade squabbles.

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Dominic Hook, a Unite national officer, says “these stories of massive job losses require a comprehensive response by HSBC in order to reassure the workforce. This is a highly inappropriate way for staff to learn about any possible changes within the business.”

 

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