Reuters :
HSBC is resuming a massive redundancy plan it had put on ice after the coronavirus outbreak, and will cut 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed.
The bank will also maintain a freeze on almost all external recruitment, Chief Executive Noel Quinn said in the memo sent to the bank’s 235,000 staff worldwide.
“We could not pause the job losses indefinitely – it was always a question of ‘not if, but when’,” Quinn said.
A bank spokeswoman confirmed the contents of the memo.
In March, HSBC had postponed the job cuts, part of a wider restructuring to cut costs, saying the extraordinary circumstances of the Covid-19 pandemic meant it would have been wrong to push staff out, Reuters reported.
HSBC is resuming a massive redundancy plan it had put on ice after the coronavirus outbreak, and will cut 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed.
The bank will also maintain a freeze on almost all external recruitment, Chief Executive Noel Quinn said in the memo sent to the bank’s 235,000 staff worldwide.
“We could not pause the job losses indefinitely – it was always a question of ‘not if, but when’,” Quinn said.
A bank spokeswoman confirmed the contents of the memo.
In March, HSBC had postponed the job cuts, part of a wider restructuring to cut costs, saying the extraordinary circumstances of the Covid-19 pandemic meant it would have been wrong to push staff out, Reuters reported.
