HSBC is set to axe 10,000 jobs, it was revealed today.
The bank plans to cut 10,000 roles under interim chief executive Noel Quinn, according to the FT.
The bank currently employs 240,000 people globally.
Kathleen Brooks, founder and director of Minerva Analysis, points out that this is “an industry wide issue not just a HSBC issue”.
“We’ve seen similar from Deutsche Bank and Credit Agricole.”
However Brooks said that the bank’s focus for job cuts will be Europe, rather than Asia where growth is still double-digit.
“Given all the issues in Hong Kong, that’s interesting,” she says.