Home Business NewsBusinessBanking News HSBC are to axe 4,000 jobs

HSBC are to axe 4,000 jobs

by LLB Reporter
5th Aug 19 3:11 pm

After the ousting of John Flint chief executive of HSBC, the bank has now announced they are to cut 4,000 global jobs which represents around 2% of the workforce.

Ewen Stevenson, chief financial officer of HSBC said, “We expect this year to have $650m to $700m of severance costs, that involves less than 2% of our workforce.”

Senior managers will mainly be targeted as the bank tries to get a grip on costs. The continued global uncertainty with the economy and the US-Chine trade war has weakened interest rates adding to the banks risk outlook.

HSBC said in a statement, “The outlook has changed. Interest rates in the US dollar bloc are now expected to fall rather than rise, and geopolitical issues could impact a significant number of our major markets.”

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