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HSBC to Cut 35,000 Jobs

TheMotleyFool

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HSBC to Cut 35,000 JobsPhoto, wide shot, wide-angle lens, Hedge fund, neutral atmosphere, photo by Charlie Waite: https://img.theapi.app/temp/95282efd-f725-49c0-be40-aa74627f7ccc.png

HSBC Holdings (NYSE: HSBC), the parent company of HSBC Bank, is eliminating 35,000 jobs -- or 15% of its workforce.

The layoffs were first announced in February before the pandemic, but the company decided to hold off on carrying through as it dealt with the effects of COVID-19. However, CEO Noel Quinn told employees June 17 that those plans would now be implemented over the course of the next few years, reported the Wall Street Journal.

"We could not pause the job losses indefinitely—it was always a question of 'not if, but when,''' Quinn wrote to staff, reported the Journal, as well as other outlets. "It is now right in my view that we restart this part of our transformation."

Source Fool.com

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