HSBC Holdings the world’s ninth-largest bank is planning to cut up to ten thousand jobs as part of its cost-cutting initial.
Ever since Noah Quinn took over as interim chief executive officer and the month of August this year HSBC has set itself on a path of fiscal trimming.
This followed the exit of John Flint as a CEO of following differences with chairman Mark Tucker. Many insiders suggest that one of the sticking points between the two men was the company’s approach to cost-cutting.
The company is likely to announce the job cut when it releases its third-quarter results later this month.
The trimming down will supposedly happen at the top tier with the job cuts focusing mostly on high paid roles. HSBC had also announced earlier that it would let go of over 4,000 employees this year due to a gloomy business atmosphere. The lender’s problems have compounded in the recent times there has been no headway in the trade war between the US and China brags it is currently set on a collision course and major markets such as Hong Kong have been rocked by protests.