Job cuts loom at HSBC
Significant job cuts could be on the cards for HSBC staff after chief executive Noel Quinn signaled a major restructuring programme across the bank’s UK and US business lines.
His remarks come as HSBC reported an 18% drop in profits during the third quarter and warned of a revision to revenue outlook for the year ahead.
“We will act to rebalance our capital away from low-return businesses and adjust the cost base in line with the actions we take,” the bank states. “These actions, or any continuing deterioration in the revenue environment, could result in significant charges in 4Q19 and subsequent periods, including the possible impairment of goodwill and additional restructuring charges.”