HSBC Rumoured To Make Large Redundancies

According to the UK’s Sky News HSBC will next week set out plans to cut thousands of jobs across its global workforce. After a spate of negative high profile legal cases and talk of exiting the UK the bank remains comitted to cutting costs.

Stuart Gulliver, HSBC's chief executive, will set out a revised target for headcount reductions that will be implemented by the end of 2017 at an investor day next week. The job cut numbers and the locations are unclear however the report quoted insiders as saying that it was likely to be between 10,000 and 20,000.

It is unclear what percentage of the cuts will affect the Asian business if any and also if the HSBC Private Bank and related units will be affected.

AWT reported recently on the possible move back to the spiritual home of the bank Hong Kong.

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