HSBC to slash 35,000 jobs

HSBC is pressing ahead with a massive redundancy programme that it put on hold three months ago because of the coronavirus pandemic.

This will mean 35,000 job cuts across the bank’s 235,000 workforce.

Chief executive Noel Quinn told staff in a memo, first reported by Reuters: “We could not pause the job losses indefinitely – it was always a question of ‘not if, but when’.” He said the measures first announced in February were “even more necessary today.”