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Coronavirus: HSBC resumes 35,000 job cuts to fury of union. HSBC, the UK's largest bank, is to resume its plans to cut 35,000 jobs. HSBC is resuming plans to cut around 35,000 jobs which it put on ice after the coronavirus outbreak, as Europe's biggest bank grapples with the impact on its already falling profits. HSBC has launched a restructuring of its commercial banking business in Britain. The coronavirus outbreak is the latest challenge HSBC has had to face in Asia. The bank’s group chief financial officer, Ewen Stevenson, who joined in January 2019, was handed a £1m bonus as part of his £4.9m pay package. Once again, there’s every chance that the jobs which are shed as a result will be felt in London and Birmingham. Individual borrowers could fall ill, while corporate customers could face financial difficulty if supply chains are disrupted due to trade restrictions or factory closures, particularly in China. Provisions for coronavirus would help cover bad debts if customers start to default on their loans. HSBC’s shares fell 6.2% in afternoon trading to 553p. HSBC restructuring plans fuel fears of job cuts The bank's boss tells his 235,000 workforce the job losses are "even more necessary today" as it navigates COVID-19 challenges. HSBC is listed and headquartered in London but trades in more than 60 countries and does an ever increasing proportion of its business in Asia, which accounts for half of the bank’s sales and the lion’s share of its profits. Apple's coronavirus warning spooks markets – business live. “Unite is seeking urgent discussions with senior management to understand the serious impact of this announcement and what it will mean for our members in the UK.”. In total, about 7% of the bank's total work force will lose their jobs. HSBC employs 41,500 in the UK. Slough, Berkshire, UK. All the Thursday 26th April 2012 news “This represents one of the deepest restructuring and simplification programmes in our history.”. HSBC is one of the world’s leading international banks. The coronavirus outbreak is the latest challenge HSBC has had to face in Asia. HSBC to cut 35,000 jobs as profit plummets by a third. Despite the planned job cuts, HSBC said it had set aside £3.3bn in bonuses, down nearly 4% compared with last year. Around 1,400 of the jobs will be lost in HSBC call centres. HSBC has said it will slash 35,000 jobs over three years as part of a major shake-up as it issued a warning over the impact of the coronavirus outbreak in Asia. HSBC is to press ahead with plans for mass redundancies that had been put on hold at the peak of the coronavirus pandemic, with around 35,000 jobs set to be cut globally. The lender would not comment on potential branch closures in the UK but said it was keeping the network “under review”. Quinn, who took over as interim chief executive after the ousting of John Flint in August last year, was paid nearly £2m including a £665,000 bonus. Belfasttelegraph. HSBC’s retail bank in the UK (its 621 branches and the staff who work in them) look relatively safe for now. HSBC has confirmed that 35,000 jobs are to be shed as it announced its 2020 interim results where the global financial giant reported a revenue of $3.606bn, down from $4.506bn in 2019's first half. There are worrying signs with HSBC announcing 35,000 job losses, just days after a similar move at RBS. “We would expect our headcount to decrease from the current level of 235,000 to be closer to 200,000 in 2022,” Quinn said. HSBC is to accelerate plans to cut 35,000 jobs globally after the Covid-19 crisis forced the bank to put aside another $3.8bn (£2.9bn) to cover bad debts. HSBC is in a row with unions amid claims the banking giant is "massaging" the latest redundancy figures to … The presentation to investors this morning suggests HSBC will significantly reduce the size of its equities, derivatives and rates businesses. HSBC is also targeting its US division, which will involve closing a third of its 224 branches, and said technology and automation would mean job losses across the bank as a whole. A radical overhaul at HSBC which see 35,000 jobs axed does not go far enough, shareholders have said. The group employs about 40,000 staff in the UK. The interim chief executive, Noel Quinn, confirmed on Tuesday that plans to cut $4.5bn (£3.5bn) worth of costs would involve slashing about 15% of the group’s global workforce. The 35,000 job losses are deeper than expected, and represent about 15% of the workforce. “Absolutely, we need to deal with the coronavirus situation in the short term but we do not see that changing the long-term strategic attractiveness of China,” he said. Job losses here will be “meaningful” although, unhelpfully, the bank is refusing to publish a meaningful number. Read HSBC's 2,000 job losses latest on ITV News. Over the next three years worldwide headcount will fall from 235,000 to “closer to 200,000” in the words of Noel Quinn, interim chief executive. HSBC also plans to merge its “back and middle office” sections of its commercial bank and its investment bank. For more details of these cookies and how to disable them, see our cookie policy. The cuts, aimed at slashing costs, would result in a “substantial” reduction in HSBC’s workforce of around 238,000, according to two people briefed on the matter cited by the FT. Bank warns of ‘meaningful’ job losses in UK and of impact of coronavirus outbreak in Asia, First published on Tue 18 Feb 2020 07.16 GMT. HSBC’s profits before tax for 2019 dropped 33% to $13.3bn, substantially below analysts’ forecasts. I think it’s really a call on how long does it take to contain the virus, and certainly some of the latest data has given us more optimism on that over the last week or so.”. Over the next three years worldwide headcount will fall from 235,000 to “closer to 200,000” in the words of Noel Quinn, interim chief executive. Stevenson said: “We expect to take additional loan loss provisions as a result of the coronavirus and the weakened outlook for the Hong Kong economy. The Evening Standard’s business news editor Alex Lawson explains why it’s so important the UK negotiates hard with Europe for the city to remain the region’s finance capital. HSBC is set to announce huge job cuts after confirming a huge slump in profits. It was also affected by anti-government protests in Hong Kong and tensions over the US-China trade war last year. But if the outbreak continues to spread throughout the second half of the year, HSBC could be forced to set aside as much as $600m to deal with the business fallout. HSBC announced in February that it was expecting to slash its 235,000-strong workforce to around 200,000 over the next three years as part of a wider restructuring to save £3.6bn in costs. The business showed “great resilience” last year and is seen as a having brighter prospects. According to an internal memo sent by the bank’s chief executive Noel Quinn to its 235,000 staff worldwide, the redundancies will be made in the medium term and almost all external recruitment would be frozen. Stevenson said: “We don’t expect anything like that but we do expect some increase in provisioning this year.”. More than 10,000 jobs could be lost at HSBC as the global bank embarks on a cost-cutting exercise, according to a report in the Financial Times (FT). The bank now believes that growth around the world will be lower than it previously expected and, with interest rates low too, the bank needs to reshape itself further. HSBC said there had already been significant disruption for staff, suppliers and customers, particularly in mainland China and Hong Kong, and it was monitoring the situation closely. In 2015 HSBC laid off 10% of its global workforce, including 8,000 people in the UK. HSBC will close 82 branches across the country, the company has announced. “Despite HSBC still making billions of dollars of profit, once again hardworking and dedicated staff have woken up to the news that their job could be at risk,” David Dominic Hook, UNITE’s national officer for finance. HSBC confirmed in February that it would scale back its investment banking activities in Europe and the US, with around 35,000 job cuts over the next three years. HSBC accused of 'massaging' job losses . Unite’s national officer for finance, Dominic Hook, said: “Despite HSBC still making billions of dollars of profit, once again hardworking and dedicated staff have woken up to the news that their job could be at risk. HSBC has … HSBC, which operates in 64 countries, said there would be “meaningful job cuts here in the UK”, mainly affecting its head office operations as well as its global banks and markets business, which are largely London-based. Most of the remaining cuts will be in administration. London will remain “a hub” for HSBC’s investment bank but it will undoubtedly take a hit as the bank shrinks activity and “rebalances” towards Hong Kong and Singapore where the pickings are richer. HSBC to accelerate cost-cutting restructure with 35,000 job losses as profits plunge Following a temporary suspension of its restructure due to the pandemic, HSBC confirms it will now speed up its transformation plans. HSBC announces 35,000 worldwide job cuts after profits plunge 53% to $6 billion amid crisis over US-China trade war, Brexit and coronavirus. The bulk of HSBC’s profits come from Asia, which has been hit by the coronavirus outbreak. Analysts had expected about 10,000 jobs to be cut. However, Quinn said the lender remains committed to China, which represents a significant opportunity for growth despite recent disruptions. Union officials called for urgent talks with HSBC on the planned cutbacks. The job losses will hit both the retail banking arm of HSBC as well as its investment bank, the BBC reported. Come and work with us and you'll have opportunities to make connections all over … He said the bank would have further details on the impact of the virus on its full-year results when it releases first-quarter earnings on 28 April. Hsbc Job Losses Stock Photos and Images (40) Page 1 of 1. The 35,000 job losses are more than expected and represent around 15 per cent of the bank's workforce. HSBC’s profits before tax for 2019 dropped 33% to $13.3bn, substantially below analysts’ forecasts. The move being spearheaded by interim Chief Executive Officer Noel Quinn is aiming to slash costs, according to reports. The bank also issued a warning over the coronavirus outbreak in Asia, which makes up the bulk of its profits, saying it could have an impact on its performance in 2020. HSBC will close 82 branches across the country, the company has announced. HSBC Restarts Plan to Cut 35,000 Jobs The global bank, beset by tensions in China and losses in Europe, wants to reduce its massive workforce by 15% HSBC wants to cut its costs by $4.5 billion by 2022. By using this site, you agree we can set and use cookies. LONDON (Reuters) - HSBC plans to cut up to 340 manager jobs as part of a shake-up of its branch network in Britain, a source familiar with the matter told … Whether you are looking for a first job or taking the next step in your career, we offer many ways for you to realise your ambitions. Most of the job losses are expected to occur in the global markets division as part of the restructure, and last month, HSBC made moves to combine its global markets and securities services business units into a single division. Banking giant HSBC is reportedly planning to chop 10,000 jobs. The job cuts had been well trailed but the scale is far greater than had been expected. HSBC has confirmed that 35,000 jobs are to be shed as it announced its 2020 interim results where the global financial giant reported a revenue of $3.606bn, down from $4.506bn in 2019's first half. The divisions that are misfiring are those at risk: HSBC’s investment banking operations in London and New York employ a lot of people and aren’t performing; its retail bank in France is barely profitable; its retail bank in the US is loss-making, one third of the branch network there will shut. The bank said it does not expect job losses with staff redeployed to other sites. UNITE, the union, represents nearly 20,000 UK staff, in branches, call centres and back office roles, has called for urgent talks with management and criticised what it said was “yet another major reorganisation” by the bank. On the face of it, a profit of £10 billion for 2019 doesn’t look too shabby but it’s down sharply on the year before and HSBC has decided an overhaul is called for. 5th August, 2020. Unite, the union which represents staff working across HSBC in the UK, has responded this morning to the announcement that the bank will resume the restructuring program within the organisation with possible job losses of 35,000. The UK cutbacks are part of a wider restructuring across the bank’s European operations, where it aims to cut costs by 25%. The bank said the coronavirus outbreak has caused significant disruption to its activity in China and Hong Kong and expected losses as a result. HSBC are to accelerate 35,000 jobs losses following their financial results and their customer bad debts relating to Coronavirus could reach £9.8 billion. A source familiar with the matter tells Reuters that the plan will result in around 300 job losses. Apart from the cost-cutting, it also plans to shed $100bn worth of assets by the end of 2022. The bank said it does not expect job losses with staff redeployed to other sites. 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