The bank will speed up cost-cutting measures and axe 35,000 jobs around the globe. The restructure was announced in February, however, was postponed due to the onset of the pandemic. Now amid high losses, HSBC announced it will move to reduce spending earlier than expected.
The cuts were announced earlier in the year and then delayed due to the pandemic. In June, the UK’s largest bank said it would push ahead with its plan to cut 35,000 jobs from a global workforce of 235,000 as part of a major restructuring announced in February.
“The job cuts had initially been put on hold during the coronavirus outbreak.” — BBC News
HSBC put the brakes on a wide-ranging redundancy programme as the coronavirus took hold. However, plans to cut around 35,000 jobs worldwide will be accelerated. 👇 https://t.co/Y8VpS6dIY5— Brian Donnelly (@BrianDonnellyHT) August 3, 2020