HSBC to lay off 10000 more employees worldwide

HSBC prepares to slash 10,000 jobs in cost-cutting measure

HSBC prepares to slash 10,000 jobs in cost-cutting measure

Quinn, then Chief Executive of HSBC Global Commercial Banking, has been with HSBC for 32 years - so he knows the bank well. This was reported by the Financial Times, citing two informed sources.

Earlier, the bank announced plans to cut 4,700 people because of the complicated situation caused by low interest rates, trade conflicts and uncertainty surrounding Brexit, BTA recalls.

According to HSBC news, Quinn took over in August after the controversial CEO John Flint left.

Flint's exit used to be a result of differences of conception with chairman Tag Tucker over topics including approaches to cutting charges, a particular person familiar with the matter suggested Reuters in August.

The banking giant also made an announcement that it will force 2% of its global workforce to go that added up to 4,000 employees in the management jobs.

When asked about the potential impact on HSBC's Singapore staff, an HSBC Singapore spokesman said the bank will not be commenting on the reported "speculation". The bank posted a group profit of $12.4 billion in the latest half-year, in which $9.8 billion was from Asia, with Hong Kong contributing $6.4 billion and China $1.5 billion.

Anxious about its position as the biggest foreign bank in China, HSBC launched a public-relations offensive aimed at leaders in Beijing, Bloomberg reported last month.

Mr Quinn and Mr Stevenson are trying to find savings in each of the bank's four major divisions, which service multinational corporations, smaller businesses, retail customers and wealthy individuals, one of the people said. Investment banks have suffered from increased competition from automated trading while increased capital requirements set to come into effect in 2022 is expected to make trading less profitable for several industry players.

Chief Financial Officer Stevenson Ewen said in August that the bank's returns from Europe were "unacceptable", while in the U.S., the bank said it would miss the return for the next year.

-With assistance from Hannah Levitt.

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