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Massive cuts in HSBC

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Massive cuts in HSBC
October 07
13:00 2019

HSBC Holdings Plc, the largest bank in Europe and one of the most significant and serious players in the global financial market, has announced the launch of a cost-optimization program. Unfortunately, in the modern world, the term “optimization of expenditures” refers to massive layoffs. Analysts have estimated that about 10 thousand people can say goodbye to a banking career in the near future.

Such a decision has been festering for a long time, because salaries and bonuses have been and remain one of the most significant items of expenditures of the British giant.

The bank has already announced the reduction of about 5 thousand highly paid employees. This decision was explained by questionable development prospects (thanks to Brexit!), low interest rates and global stagnation.

Currently, Asian markets are the holding’s main sources of income. By the way, the personnel are being recruiting to work there.

HSBC is not the only bank to implement such a policy. This year, Deutsche Bank, Barclays, Société Générale and Citigroup have announced the implementation of similar optimization programs by means of mass dismissals.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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