HSBC posted plummeting profits for 2019 today as it outlined plans for a restructure that will cost 35,000 jobs over the next three years. HSBC's email saying it's pausing redundancies due to the virus. But Covid-19 has thrown a spanner into the works with HSBC today confirming many of the redundancies would be put on hold for now “to reduce the uncertainty” many of its employees … Banking giant HSBC is to resume its plan to cut around 35,000 jobs worldwide after putting the redundancy programme on hold amid the coronavirus crisis. It was the only region to record a loss, totalling £520m, in the first half of the year. The UK-listed bank had initially announced the … Michael Hewson, the chief market analyst at CMC Markets UK, said: “Amongst a lot of the major investment banks, HSBC has been one of the few to be reluctant to wield the axe as aggressively as some of its rivals, probably due to the fact that its scale and profitability has meant that it hasn’t felt the need to be as aggressive, especially in Europe where its cost base is much higher. Banking giant HSBC has unveiled a major restructuring plan that includes 35,000 job cuts. Find careers, media, investor and corporate information, including details about the bank's history, strategy and values. Are you sure you want to delete this comment? Bank forced to shed jobs due to low interest rates, Brexit and global tariff wars, First published on Mon 7 Oct 2019 00.33 EDT. Want to bookmark your favourite articles and stories to read or reference later? Related Companies HSBC HSBC has confirmed that 35,000 jobs are to be shed as it announced its 2020 interim results where the global financial giant reported a revenue of $3.606bn, down from $4.506bn in 2019's first half. Before Noel Quinn could take on the top job at HSBC last summer, he first needed to make a deal with his wife. Barclays said it had already cut 3,000 jobs globally in the first half of the year. Today's data summary. Zero. HSBC wants to cut its costs by $4.5 billion by 2022. Credit: PA HSBC also plans to merge its “back and middle office” sections of its commercial bank and its investment bank. Deutsche Bank shocked markets when it announced 18,000 job cuts, a fifth of its global workforce, and posted its biggest quarterly loss in four years in July. Want an ad-free experience?Subscribe to Independent Premium. HSBC has said it is delaying the "vast majority" of its planned redundancies to deal with the fallout from the coronavirus pandemic, a memo sent to staff seen by Reuters said. Redundancies announced by Vestas - but Isle of Wight impact unknown. The government was notified about some 480,000 redundancies in England, Scotland and Wales between March and August 2020, data obtained by the BBC shows, with the majority of redundancy notifications taking place in […] HSBC already makes half of its revenue in Asia, and will now operate mostly out … A woman uses a cash point machine at a HSBC bank in the City of London. Four Oaks Neighbourhood News. HSBC’s staff cuts could be formally announced when HSBC reports third-quarter results at the end of this month. According to an internal memo sent by the bank’s chief executive Noel Quinn to its 235,000 staff worldwide, the redundancies … HSBC said the closures are part of plans to become a market-leading digital bank and an overhaul of how remaining branches will operate. ... while Tesco and HSBC also revealed redundancy plans earlier this week. Trade union Unite hit out at HSBC for resuming job cuts during the crisis and said it had a duty to “stand by its team now more than ever”. VOUCHER CODES. Our journalists will try to respond by joining the threads when they can to create a true meeting of independent Premium. The cost-cutting drive mirrors measures taken by other lenders that are battling global headwinds. The companies making redundancies in the UK in 2020 so far- including Cineworld, easyJet and Virgin Money ... we have today informed staff of the need to restructure our head offices.” ... HSBC Full list of 82 HSBC branches to close as Covid accelerates shift … HSBC has joined the likes of Deutsche bank and Unicredit in pushing ahead with redundancy programmes, having initially put plans on ice in the early days of the outbreak. France’s Société Générale is laying off 1,600 people. Start your Independent Premium subscription today. ... Start your own free account today at Starling Bank. Staff across HSBC’s global … HSBC, the UK's largest bank, is to resume its plans to cut 35,000 jobs. (Bloomberg) --HSBC Holdings Plc and Malayan Banking Bhd.’s insurance venture are among shortlisted bidders for Axa SA’s business in Singapore, which could raise about $700 million in a sale, according to people familiar with the matter. HSBC share price technical outlook. HSBC had planned to cut as many as 35,000 jobs as part of a massive overhaul unveiled last month, but will delay the ‘vast majority’ of redundancies for the time being. Article share tools ... HSBC customer Cesar Basanta has had to wait weeks to agree a … Read more: HSBC’s $6bn structural overhaul under threat from COVID-19 He … A grim week for job losses has continued today as several UK businesses announce significant changes cuts. In an announcement today (Thursday), Vestas said most redundancies would be in Denmark, but some would be in the UK. Virgin Money and Lloyds Banking Group are also among those that have temporarily frozen planned job cuts in the wake of coronavirus. In an internal memo to staff, chief executive Noel Quinn said the cuts first announced in February are “even more necessary today” as the group faces “challenging times ahead”. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. The latest figures from the Office for National Statistics paint a grim picture of the labour market, with redundancies reaching a record level of 370,000 between August and October last year. HSBC plans to lay off up to 10,000 staff as it embarks on a fresh cost-cutting drive just months after ousting its chief executive. The Financial Times reports that HSBC has said it is delaying the “vast majority” of its planned redundancies to deal with the fallout from the coronavirus pandemic.. HSBC CEO, Noel Quinn wrote in a memo that the bank had decided to “pause, for the time being, the vast majority of redundancies associated with this [restructuring] programme”. HSBC TO CLOSE IN NAILSEA HSBC is to close 82 branches in the UK between April and September this year including the branch at Crown Glass Shopping Centre, Nailsea. However, the shares have formed an island reversal pattern at the 400p level. The bank has named the branches that will close between April and September, but aims to avoid redundancies. The company will have 511 branches across the country following the closure programme. Today at 9:41 AM. He said the redundancies would affect staff across business lines and reduce the bank’s wage bill by 4%. Today in B2B payments, HSBC launches cash flow management tool, and TD Bank acquires equipment finance operations from Wells Fargo. 1. HSBC is to press ahead with plans for mass redundancies that had been put on hold at the peak of the coronavirus pandemic, with around 35,000 jobs set to be cut globally. Photo: REUTERS/Andrew Winning. It did not give a breakdown of where the jobs would go, but at the time it said there would be “meaningful” cuts in the UK, where the bank employs around 40,000 people. But Unite questioned the timing of the decision and vowed to oppose compulsory redundancies. Also Premier and Advance banking and more… “At present, vast numbers of HSBC staff are making massive sacrifices working from home or taking risks travelling into offices and bank branches to help customers.”, He added: “Now is the time for HSBC to stand by its workforce and recognise these mighty efforts, and see that the bank's strength lies within its workforce.”. HSBC to close 82 branches this year. HSBC has restarted its plans to cut 35,000 jobs around the world, after pausing the redundancies as the coronavirus pandemic worsened.. Here’s a list of financial firms in Europe, the Middle East and Africa that have announced job cuts since Jan. 1: HSBC to close 82 branches this year. A spokeswoman for the bank said that around half of the reduction was likely to come through redundancies … HSBC CEO says bank is in ‘incredibly strong position’, adds that redundancies will be voluntary Kevin Schembri Orland Thursday, 10 October 2019, 14:18 Last update: about 2 years ago HSBC has resumed plans to cut 35,000 jobs and restructure its business, saying that the coronavirus pandemic has made the overhaul it announced earlier this year even more urgent. HSBC is to press ahead with plans for mass redundancies that had been put on hold at the peak of the coronavirus pandemic, with around 35,000 jobs set to be cut globally. Dominic Hook, Unite national officer, said: “The question that must be asked today is 'Why now HSBC?'. I’ve heard no good stories about them. HSBC announced in February that it was expecting to slash its 235,000-strong workforce to around 200,000 over the next three years as part of a wider restructuring to save £3.6bn in costs. The staff cuts would mark the first major shake-up under the interim boss, Noel Quinn, who took over after the surprise departure of the chief executive, John Flint, in August. The … HSBC will now restructure, pulling back on U.S. and Europe operations to refocus on Asia and the Middle East. HSBC profits disappoint as bank warns trade war holding business back. The BBC has reported that a total of 25,000 jobs could be axed globally, meaning close to 10% of HSBC’s 266,000 … "There are too many middle managers who are of a poor standard at HSBC," says one junior banker. Investment banks have also suffered from increased competition from automated trading, while increased capital requirements set to come into effect in 2022 are expected to make trading less profitable for a number of players. Flint is believed to have left HSBC amid tensions with its new chairman, Mark Tucker, after failing to take swift action on tough decisions at the lender. Are you sure you want to mark this comment as inappropriate? “There’s some very hard modelling going on. The job losses would come on top of 4,700 redundancies – mostly senior jobs – announced in early August, when HSBC similarly warned about a challenging global environment linked to US interest rate cuts, Britain’s EU divorce, the US-China trade war, and unrest in Hong Kong. “The reality is that the measures and the change we announced in February are even more necessary today.”. Already, 90% of transactions are handled electronically. HSBC is proposing more redundancies. 'We could not pause the job losses indefinitely - it was always a question of 'not if, but when,' says bank's chief executive Noel Quinn, Find your bookmarks in your Independent Premium section, under my profile. HSBC is resuming a redundancy plan it put on ice after the coronavirus outbreak, and will cut around 35,000 jobs over the medium term, a memo seen by Reuters today showed. HSBC's email saying it's pausing redundancies due to the virus. Ewen Stevenson, the bank’s finance director, said on Monday that HSBC was looking to cut 2% of its workforce, mostly from senior roles. With up to 35,000 redundancies on the cards, HSBC wants to fast-track a complete makeover. by Sarah Butcher 26 March 2020 ... Today the bank warned that it will have to book high credit losses as a result of the virus. HSBC has said it is delaying the "vast majority" of its planned redundancies to deal with the fallout from the coronavirus pandemic, a memo sent to staff seen by Reuters said. Wednesday, March 25, 2009 - 08:05 AM Please be respectful when making a comment and adhere to our Community Guidelines. It comes as the UK-based bank grapples with falling interest rates, Brexit and global tariff wars. Of the 82 sites closing, 81 are within a mile of a Post Office, two thirds are within five miles of another HSBC branch and … HSBC Hong Kong is very problematic to work with, but it isn’t the only … You can find our Community Guidelines in full here. ... HSBC Bank Four Oaks closing May 2020. Mr Quinn said in the memo: “I wish I could say that the next few months will see a return to normality, but that is unlikely to be the case. Plus, AspireHR links with … Is HSBC still a buy? On the daily chart, the shares have moved above the 50-day and 100-day moving average. Lower and negative interest rates mean banks stand to make smaller profits on customer loans, especially if they have offered higher returns on deposits to attract customers. Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open debate. It is not yet clear where the job cuts may fall, but analysts at Citi said: “HSBC has a structural profitability challenge in the Americas and Europe and headcount reduction may be appropriate.”. The most insightful comments on all subjects will be published daily in dedicated articles. Photograph: Stefan Wermuth/Reuters Unions are planning to ballot for strike at HBSC after the UK's biggest … HSBC has said it is delaying the "vast majority" of its planned redundancies to deal with the fallout from the coronavirus pandemic, a memo sent to staff seen by Reuters said. ... this included HSBC … New chief executive Noel Quinn gave the news to his 235,000 staff around the globe in a memo seen by the BBC and … Independent Premium Comments can be posted by members of our membership scheme, Independent Premium. HSBC’s boss resigned last month after only 18 months and has already cut 4,000 jobs this year. Banking giant HSBC has announced that 1,400 head office and support staff jobs are to go. The bank has named the branches that will close between April and September, but aims to avoid redundancies. Menu. The job losses would come on top of 4,700 redundancies – mostly senior jobs – announced in early August, when HSBC similarly warned about a challenging global environment … Read more. HSBC said on Tuesday that it would move to close 82 of its high street bank branches this year, saying that more customers are turning to online services instead.The bank said it aims to redeploy the vast majority of staff to nearby branches and does not expect any redundancies … Insiders would agree. “Each department will be looking into its own needs,” a Hong Kong-based HSBC … About 41,000 of those workers are based in the UK. Welcome to HSBC UK banking products including current accounts, loans, mortgages, credit cards. 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