The bank is also facing the impact of the coronavirus, the UK's protracted withdrawal from the European Union and historically low interest rates around the world. ET HSBC plans to speed up job cuts after interim profits plunged and the bank said bad loans linked to the coronavirus could reach $13bn (£9.8bn). HSBC on Tuesday announced plans to cut costs and overhaul its business worldwide after reporting a 33% profit plunge in 2019. Watch Live News: Follow Us: HSBC job cuts… The number of job cuts has yet to be finalised, but "insiders said that it was likely to be between 10,000 and 20,000", Sky reported. Chief executive John Flint steps down as lender begins cull of senior staff HSBC is set to announce huge job cuts after confirming a huge slump in profits. The bank's boss tells his 235,000 workforce the job losses are "even more necessary today" as it navigates COVID-19 challenges. The 57-year-old HSBC veteran was appointed interim chief executive in August last year following the ousting of John Flint. Members of the ex-president's party say he deserves "a full and fair process that respects his rights". The job cuts – on top of 4,700 redundancies announced earlier – could be unveiled when HSBC reports its third-quarter results later this month, the FT said. The cost squeeze is already underway. ... HSBC: Latest news … Eyes Deeper Job Cuts. HSBC announces up to 4,700 job cuts. The round of job cuts is expected to affect "a large number of global managerial roles across all business units," particularly in London, though Asia would not be spared, the news agency reported, noting that the region contributes to 90% of the bank's profits. Coronavirus: HSBC resumes 35,000 job cuts to fury of union. HSBC ( HSBA.L) has cut 6,000 staff since announcing its sweeping restructure plan earlier this year. Yahoo is part of Verizon Media. If HSBC wants to meet its target of a return on equity of 10-12% by 2022, the Barclays analysts say it will need to cut 97,610 jobs (precisely) within that time frame. The cost squeeze is already underway. [Source: BBC] HSBC boss Noel Quinn said it will “accelerate” an earlier restructuring plan which included axing 35,000 jobs. HSBC cuts bonuses and senior managers in strategy overhaul 18 Feb, 2020, 04.36 PM IST The lender said on Tuesday it had cut its bonus pool for 2019 by 4% to reflect poor performance and warned its investment bank will take a hefty proportion of the around 35,000 job cuts it expects over the next three years - many at its headquarters in London's Canary Wharf financial centre. With most of its profits coming from Asia - and with an expectation that the region is the best bet for long term prospects - the bank's cuts will focus on its European and US operations. Addressing the impact of coronavirus, HSBC said the full effect had not been fully accounted for in its latest earnings, raising the possibility that it could increase the amount it expects the outbreak to cost the bank. Scandal-hit global bank HSBC plans to cut thousands of jobs across its global operations, broadcaster Sky News reported on June 2. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. HSBC could announce the beginning of the latest cost-cutting drive and job cuts when it reports third-quarter results later this month, the FT said, citing one person briefed on the matter. HSBC reported to plan 10,000 job cuts globally HSBC declined to comment Monday on a Financial Times report that interim chief Noel Quinn plans to seek immediate saving across the group. It will be the UK-based bank's third overhaul in a decade as it attempts to lift its profits. HSBC had 235,217 employees in December 2018, according to its latest annual report. HSBC profits slashed amid coronavirus but thousands of job cuts put on ice ... including planned cuts among its 40,000-strong workforce in the UK. That has spurred the bank to target $4.5bn (£3.5bn) of cost cuts by 2022 as part of a major restructuring. HSBC has resumed plans to cut 35,000 jobs and restructure its business, saying that the coronavirus pandemic has made the overhaul it announced earlier this year even more urgent. This would be around 40% of the number of people employed by the bank at the end of 2019. Finance chief Ewen Stevenson told journalists on Tuesday that around 6,000 full … Track Latest News Live on NDTV.com. Napier said HSBC’s new leadership would likely try to slash costs in response. Download The Economic Times News App to get Daily Market Updates & Live Business News. HSBC puts 35,000 job cuts on hold amid Coronavirus pandemic. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. This is one of the conclusions of a new report from analysts at Barclays who think that HSBC's currently avowed cuts are inadequate. HSBC Holdings PLC HSBC, -0.60% HSBA, -1.08% may become the latest to commence a widespread restructuring, with a report that it will slash up to 10,000 jobs , … HSBC reiterated that it expects to make a permanent appointment within the next six to 12 months. The bank currently operates in more than 50 countries across North America, Europe, the Middle East and Asia. Weekly quiz: What was the inauguration poem called? Updated: 28 Apr 2020, 03:48 PM IST IANS . The bank had 237,685 full-time employees at the end of June 2019, according to its 2019 interim report. HSBC plans to resume thousands of job cuts as part of a massive overhaul first unveiled in February, but paused because of the coronavirus pandemic. The strategy overhaul comes as economic growth is slowing in HSBC's major markets. The bank had 237,685 full-time employees at the end of June 2019, according to its 2019 interim report. HSBC is considering another round of deep job cuts that could result in as many as 10,000 more staff being made redundant across its global business with up to 1,000 UK staff under threat, i … HSBC has resumed plans to cut 35,000 jobs and restructure its business, saying that the coronavirus pandemic has made the overhaul it announced earlier this year even more urgent. HSBC reported to plan 10,000 job cuts globally HSBC declined to comment Monday on a Financial Times report that interim chief Noel Quinn plans to seek immediate saving across the group. HSBC’s board is set to deepen the biggest restructuring in the bank’s 155-year history after deciding that the coronavirus crisis requires more drastic measures.. HSBC's global business took a beating last quarter, and the London-based bank is warning of more pain ahead as it undertakes a major restructuring that will likely entail more job cuts. Shares rose 0.78 per cent on Wednesday after news of the job cuts… 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 third in 2019. Follow our special coverage of Coronavirus pandemic in India and get news updates from around the world. Read about our approach to external linking. Mr Quinn told Reuters that the restructuring would mean "that our headcount is likely to go from 235,000 to closer to 200,000 over the next three years". Follow our special coverage of Coronavirus pandemic in India and get news updates from around the world. HSBC’s board is set to deepen the biggest restructuring in the bank’s 155-year history after deciding that the coronavirus crisis requires more drastic measures.. Top headlines: Birla meets DoT secy on AGR row, HSBC plans 35,000 job cuts World coronavirus dispatch: US unemployment rises, job cuts at airlines HSBC is resuming a massive redundancy plan it had put on ice after the coronavirus outbreak, and will cut 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed. Top headlines: Birla meets DoT secy on AGR row, HSBC plans 35,000 job cuts World coronavirus dispatch: US unemployment rises, job cuts at airlines HSBC is resuming a massive redundancy plan it had put on ice after the coronavirus outbreak, and will cut 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed. © 2021 BBC. HSBC declined to comment Monday on a Financial Times report that interim chief Noel Quinn plans to seek immediate saving across the group. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}HSBC restructuring plans fuel fears of job cuts, HSBC customers hit by two IT glitches within hours, HSBC and Santander customers set for refund, Republicans seek delay 'to give Trump fair trial'. HSBC will also reduce the assets it owns by more than $100bn by the end of 2022 as part of sweeping reforms. 3 Comments on this Story. HSBC braces for its latest job cuts Top-to-bottom restructuring to be announced on Tuesday, piling more pressure Published: February 17, 2020 08:29 Bloomberg HSBC to speed up 35,000 job cuts after profits plunge 65 per cent. 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