HSBC will also enact a firm-wide hiring freeze. CNN Hong Kong (CNN Business) HSBC on Tuesday said it would cut around 35,000 jobs and dramatically overhaul its business after its profit plunged by a … This came after the Hong Kong branch reportedly laid off more than 40 staff in September. The layoffs were originally slated to start back in February, but HSBC placed the layoffs on hold during the Covid-19 pandemic. HSBC employs 41,500 in the UK. HSBC also sought to replace staff with technology and cull middle management, as it consolidates international divisions. But most apartment buildings are not allowing staff, even if you have room for them. (, JP Morgan is announcing a plan – but no firm timeline as yet – to bring its employees back into the office, based on guidance from governments and health authorities. Major HSBC Layoffs: 35,000 Job Cuts and Massive Restructuring Announced Banking giant HSBC has unveiled a major restructuring plan that includes 35,000 job cuts. This seems somewhat unrealistic, as the job markets in the United States, United Kingdom and Asia are not faring too well—to say the least. There must be some interesting stories, although possibly not ones that anyone will be hugely keen to tell. Please try again. Layoff Date: August 31, 2020. Quinn was unable to offer anxious employees a "unified timetable" regarding the exact timing of the downsizings. The cuts anyways follow a turbulent period for HSBC where CEO rebuked top managers earlier this year for missing revenue and cost targets. (, Jack Allard, the Bank of America analyst who was one of the first investment bankers in New York to get seriously ill with coronavirus, is out of hospital (. The layoffs were originally slated to start back in February, but HSBC placed the layoffs on hold during the Covid-19 pandemic. As James Gorman at Morgan Stanley said last week, it simply seems morally wrong to make people redundant in the middle of a historic recession if you don’t absolutely have to, particularly when you would have to do it via videocall. Updated . Contact: sbutcher@efinancialcareers.com in the first instance. Some of the top brass will be moving to other jobs in asset disposal units and the like, but Andre Cronje is leaving the bank, Gordon French will take a “six month sabbatical” and Andre Brandao “will stay on until the end of the year until a further announcement is made”. Shares in HSBC have fallen 27% since the start of March, with the pandemic prompting it to set aside $3 billion … (Business Insider), Jack Allard, the Bank of America analyst who was one of the first investment bankers in New York to get seriously ill with coronavirus, is out of hospital (ABC7NY), Have a confidential story, tip, or comment you’d like to share? “Virtually all” Citi’s traders are off the floors. HSBC US wants to leverage upgraded identity verification and onboarding technology — central to its new digital account opening functionality — to grow its mass-affluent consumer checking account product, reports Bank Innovation. This leaves us wanting to know more about those 50 people. Early on in the coronavirus crisis, most of the big investment banks announced that their, There was also the question of morality. Support us. A number of top-tier global banks, such as Morgan Stanley, had been pruning staff with downsizings—serving as a hedge against a possible downturn in the economy. © 2021 Forbes Media LLC. HSBCplans to lay off up to 10,000 staff as it embarks on … 2020 Predictions Revisited: Did COVID-19 Change Anything? Eventually it will – unless it’s offensive or libelous (in which case it won’t.). Another 900,000 Americans Filed For Unemployment Last Week—There’s Hope That President Biden’s Economic And Health Programs Can Turn Things Around, How To Be A Giver Without Overextending Yourself, Making Remote Work Sustainable For 2021 And Beyond, The Changes You Missed In 2020 Will Define 2021: Five Inexorable Trends Shape The Human Workplace, Who Is Amanda Gorman: Youth Poet Wows With Words In Presidential Performance. HSBC plans to cut some 35,000 jobs over the next three years and slash $100 billion in assets as it undertakes a huge restructuring following a steep drop in profits. He did allude to the hope that most employees may remain or get paid for the rest of the year. Post Traumatic Growth: Bounce Forward Stronger, Braver, Better. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Business News. HSBC Holdings Plc confirmed its plans to eliminate jobs, axing more than 4,000 posts and warning that senior executives will be a focus of the cutbacks. HSBC had confronted a number of issues, including falling interest rates that make it hard for banks to be profitable, unrelenting protests in Hong Kong, uncertainty surrounding the outbreak of the coronavirus, concerns about the effects of Brexit and other geopolitical and economic events. India Business News: Global financial company, HSBC India, has laid off about 200 of its employees across its technology function in the country. HSBC has deep roots in Hong Kong, dating back to 1865. By Reuters Staff. 22 April 2020. But most apartment buildings are not allowing staff, even if you have room for them. As banks raise their heads above the parapets and make the cuts that are surely coming, it's these most senior people who they will feel most comfortable letting go. All rights reserved. Have a confidential story, tip, or comment you’d like to share? There was an error with your request. It has unexpectedly parted ways with its CEO John Flint in August, less than two years after his appointment. There were a number of reasons for this. Its pre-tax profit plunged 48% to $3.2 billion in the first quarter and it had to set aside billions of dollars for potential losses associated with the Covid-19 pandemic. I am a CEO, founder, and executive recruiter at one of the oldest and largest global search firms in my area of expertise, and have personally placed thousands of professionals with top-tier companies over the last 20-plus years. © 2021. LONDON – British labor union Unite has expressed dismay over reports that the bank HSBC will slash 10,000 jobs worldwide. (Bloomberg), Possibly unsurprisingly given the performance of the investment bank that Edward Bramson wanted to get rid of, institutional shareholders are lining up behind Jes Staley and against the activist investor (Financial News), “There’s a whole sequence of events here that, quite frankly, was really unfortunate for me personally”. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. This time though, it faces a double hit to its future. Daniel Davies Phil Falcone, hedge fund star of a few years ago, borrowed money secured against his art collection (and his houses), and then things started to go badly wrong… (, Did you know there was a surprisingly successful version of Club Penguin for hedge fund founders and billionaires? HSBC. And there are few things more frustrating for a senior manager in any industry, let alone one based on personal franchises and relationships, than being stuck in a post where you can’t make long term plans. Feb. 18, 2020 4:04 AM ET HSBC Holdings plc (HSBC) By: Yoel Minkoff, SA News Editor 43 Comments. “Virtually all” Citi’s traders are off the floors. ), Get the latest career advice and insight from eFinancialCareers straight to your inbox, Please click the verification link in your email to activate your newsletter subscription. Early on in the coronavirus crisis, most of the big investment banks announced that their cost cutting and redundancy programs would be put on hold. HSBC was among the banks promising to delay ", HSBC's move seems to suggest that moral and reputational considerations were more important than operational ones. (New York Post), JP Morgan is announcing a plan – but no firm timeline as yet – to bring its employees back into the office, based on guidance from governments and health authorities. HSBC Layoffs 2020: 35,000 To Lose Jobs After 2019 Pre-tax Profit Miss. The economic fallout also created a huge amount of uncertainty, making stars of previously challenged business lines and creating big losses in what had been thought to be focus areas. Whatsapp/Signal/Telegram also available. However, according to memos seen by Reuters and confirmed by the company, it's is moving ahead on quite a few of its top-level cuts, some of which we were first to report last week. In a cost-cutting, belt-tightening initiative, HSBC, a top-tier, global bank, plans to downsize about 10,000 employees, according to the Financial Times. Interestingly, HSBC anticipates that a large amount of workers will leave on their own volition and attrition will take care of 25,000 roles. 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