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HSBC reportedly slashes senior staff amidst global cuts

HSBC reportedly slashes senior staff amidst global cuts

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HSBC is reportedly slashing 15% of its 2,000 senior operations worldwide as it is planning to impose US$1.7 billion of extra cuts from next year, according to Financial Times.

Noel Quinn, chief executive of HSBC, said the cuts are on top of existing targeted savings target to remain its overall target of costs rising 2% in 2023 unchanged, said the report.

Furthermore, Quinn said HSBC estimated at third quarter earnings in October to make US$1 billion of additional savings in 2023. The extra cuts will include closing down portfolios, but most planned job cuts have already started, according to a report by The Business Times

The cuts are required to assist the bank in controlling costs amid high inflation, Quinn told a Financial Times conference in London. He also said that the bank’s overall target of costs rising 2% next year will not change, said the report.

MARKETING-INTERACTIVE has reached out to HSBC for further information.

Most recently, HSBC is reportedly planning to shut down 114 more branches in the UK from April next year, due to the significant decrease of customers since the pandemic. The bank said it would try to relocate affected staff but about 100 will lose their positions, according to the BBC.

Recently, HSBC has intensified to trim underperforming businesses by agreeing to sell its business in Canada to Royal Bank of Canada. RBC will acquire 100% of the issued common equity of HSBC Canada for a base cash consideration of US$10.1billion.

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