HSBC planning to cut up to 10000 jobs, Financial Times reports

HSBC prepares to slash 10,000 jobs in cost-cutting measure

HSBC prepares to slash 10,000 jobs in cost-cutting measure

HSBC could announce the beginning of the latest cost-cutting drive and job cuts when it reports third-quarter results later this month, the FT said, citing one person briefed on the matter.

Quinn stepped into the interim CEO role when John Flint stepped down as Group Chief Executive and as a Director by mutual agreement with the Board, according to a previous report. The bank, one of several European lenders eliminating roles, is questioning why it has so many people in the region when it has double-digit returns in parts of Asia, one of the people told the newspaper.

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

A HSBC spokesman declined to comment on the report.

Earlier this year, the bank made it public that it might cut almost 4,000 jobs year as the business climate is not helping the growth outlook.

HSBC -Hong Kong and Shanghai Banking Corporation- makes most of its profit in Asia.

During Flint's short tenure as CEO, the bank grappled with a declining stock price and a failure to hit cost targets.

HSBC Holdings Plc joins the ranks of other big-name firms that are cracking under a global economic pressure, affecting some 10,000 employees of the banking giant who may end up jobless anytime soon.

Similar sentiments were echoed by the bank's chief financial officer, Ewen Stevenson when it announced a global lay-off of 4,700.

The HSBC bank logo is pictured at the bank headquarters in Paris.

HSBC disclosed in September that it will move forward with plans to employ over 600 more staff to augment its business portfolio in Asia by the final quarter of 2022. The campaign "demonstrates our commitment to grow our business in China", the bank said at the time.

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