Global Economic Collapse: HSBC prepares to slash 10,000 (5+5) jobs in cost cutting. 5,000 recent layoffs. 50 years, 10 CEOs, 5 years average tenure.

Telegraph.co.uk October 6, 2019

HSBC is preparing to axe up to 10,000 jobs as it begins a drastic cost-cutting measure under the direction of new interim chief executive Noel Quinn. 

The plans would make for the bank’s most significant cutbacks in recent memory, with Mr Quinn set to be the latest banking executive to drive forward with a jobs cull. 

“We’ve known for years that we need to do something about our cost base, the largest component of which is people – now we are finally grasping the nettle,” sources briefed on the matter told the Financial Times. 

“There’s some very hard modelling going on. We are asking why we have so many people in Europe when we’ve got double-digit returns in parts of Asia.” 

HSBC currently hires around 238,000 people across 65 different countries and territories. It is unclear where the cuts will be made, but they will be in addition to almost 5,000 redundancies recently announced.

An internal scheme known as “Project Oak” encouraged senior management at HSBC to trim their teams, with money set aside for redundancy payments. The latest measures are expected to target some of HSBC’s higher-paid roles, the FT said. 

The bank has been grappling with what has been described as “an increasingly complex and challenging global environment” amid Brexit uncertainty, low interest rates and global trade tensions.  

It joins the ranks of Deutsche Bank, Barclays and Citigroup in paring back on employment spend. 

HSBC did not immediately respond to a request for comment.

HSBC chiefs | The last 50 years

​John FIint – 21 February 2018 – 5 August 2019

Stuart Gulliver – 1 January 2011 – 21 February 2018

Michael Geoghegan – 26 March 2006 – 31 December 2010

Stephen Green – 1 June 2003 – 26 May 2006

Keith Whitson – 1998 – 2003

John Bond – 1 January 1993 – 29 May 1998

William Purves – 1986 – 1992

Michael Sandberg – 1977 – 1986

Guy Sayer – 1972 – 1977

Jake Saunders – 1964 – 1972