HSBC to cut 10,000 jobs says FT report

Job cuts could be announced when HSBC reports third-quarter results at month end

Job cuts could be announced when HSBC reports third-quarter results at month end

Deutsche Bank has announced 18,000 job cuts and France's Societe Generale 1,600.

"There's some very hard modelling going on". At the same time, it revealed it would axe two percent of its global workforce, or roughly 4,000 mostly management jobs, in a new restructuring aimed at weathering the global turmoil.

A spokeswoman for HSBC declined to comment.

Noel Quinn, who took over on an interim basis in August, is looking to Europe for redundancies among the bank's approximately 238,000 employees, according to reports.

The London-headquartered bank last month announced the shock exit of CEO John Flint after just 18 months in the hot seat but gave no reason for the decision.

HSBC is to cut up to 10,000 jobs of jobs in 2019, or almost four percent of its full-time headcount as it becomes the next bank to succumb to the global slump in banking revenues, the FT said, citing one person briefed on the matter.

One of the sources cited by FT questioned the need for so many people in Europe when the bank has double-digit returns in Asia.

Banking giant HSBC is reportedly planning to chop 10,000 jobs. Upon Quinn's appointment, the bank said that it needed to make a change at the top to address a "challenging global environment".

During Flint's short tenure as CEO, the bank grappled with a declining stock price and a failure to hit cost targets. That plan allowed managers to assign expenses incurred eliminating roles from their teams to a central account, rather than having to allocate the cost to their own budgets.

The latest cost-cutting drive and job cuts are expected to be announced in the company's third-quarter results, which are due to be released later this month.

The duo is aiming savings in the four major divisions of HSBC that service multinational corporations, small business, retail, and high-value customers.

However, an insider said the downsizing would not prevent the bank from hiring "revenue-generating" staff in high-growth regions of Asia.

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