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HSBC revives plan to axe 35,000 jobs

HSBC revives plan to axe 35,000 jobs

HSBC is resuming plans to cut around 35,000 jobs which was put on hold after the coronavirus outbreak. The bank also plans to maintain a freeze on almost all external hiring, CEO Noel Quinn said in a memo sent to employees worldwide. HSBC had postponed the job cuts in March saying the extraordinary circumstances meant it would be wrong to push staff out.

KCooper
KCooper
Gaurav
Gaurav 2 months

Letting go 35,000 people will be 15% of the workforce. HSBC had challenges in past after moneylaundering charges and exits from many countries and more challenges ahead as it might need to be compliant to Chinese regulations to protect its largest base in Hong Kong.

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