HSBC to cut 35,000 jobs and shed $100 billion of assets
HSBC is to cut about 35,000 jobs and shed $100 billion of assets as part of a dramatic overhaul to revive its fortunes and boost returns to investors. The group’s finance chief, Ewen Stevenson, said that this would include “meaningful” job cuts in the UK, which would mainly fall on its investment banking operations. The changes were outlined this morning by Noel Quinn, interim chief executive. He said that HSBC would lower its annual costs by $4.5 billion. The announcement came as the bank
HSBC is to cut about 35,000 jobs and shed $100 billion of assets as part of a dramatic overhaul to revive its fortunes and boost returns to investors. The group’s finance chief, Ewen Stevenson, said that this would include “meaningful” job cuts in the UK, which would mainly fall on its investment banking operations. The changes were outlined this morning by Noel Quinn, interim chief executive. He said that HSBC would lower its annual costs by $4.5 billion. The announcement came as the bank
Read in The Times of London: https://apple.news/A9TR2neYvTy6ieN_5PMqj5g
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