HSBC has said they are slash jobs in the UK and globally as the banking giant wants to cut costs by £1.2 billion by the end of next year.
The bank is looking to reduce global staffing costs by 8% and those set to be in the line of fire are senior manages and wholesale corporate and the institutional arm.
Head offices are also likely to be in line for cuts but HSBC has not revealed how many of these jobs will be lost.
Group chief executive Georges Elhedery said the group is “not tracking headcount reduction” but they are wanting to cut costs.
Globally HSBC employs around 211,300 and the cut will be “more borne by the head office in the UK.”
Elhedery said, “Our strong 2024 performance provides firm financial foundations upon which to build for the future, as we prioritise delivering sustainable strategic growth and the best outcomes for our customers.
“I have focused on simplifying how we operate and injected energy and intent into the way we deliver our strategy. We are creating a simple, more agile, focused bank built on our core strengths.”
He continued: “I have put in place a smaller, core team of exceptionally talented leaders driven by a growth-orientated mindset and a firm focus on dynamically managing our costs and capital.
“We are embedding this approach across the organisation to ensure we are continually focused on these two important principles.”
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