HSBC to axe nearly 10,000 jobs to slash costs

A man walks past a logo of HSBC outside a branch at the financial Central district in Hong Kong, China June 2, 2015. REUTERS/Bobby Yip

HSBC Holdings Plc is embarking on a cost-cutting drive that threatens as many as 10,000 jobs, the Financial Times reported, citing two people briefed on the matter.

The bank, one of several European lenders eliminating roles, is questioning why it has so many people in Europe when it has double-digit returns in parts of Asia, one of the people told the paper. The job cuts — on top of the 4,700 redundancies announced earlier — could be announced when HSBC reports its third-quarter results later this month, according to the FT.

An HSBC spokesman declined to comment on the report.

The earlier cuts were announced in August, on the same day that Chief Executive Officer John Flint abruptly departed after 18 months leading the bank. It employed about 238,000 people as of June, according to its interim report.

The lender cited the demands of an “increasingly complex” environment as it removed Flint. During his short tenure as CEO, the bank grappled with a declining stock price, a high-profile sexual harassment case at its investment bank and a failure to hit cost targets. In April, with Flint still in charge, HSBC started a cost review that was expected to lead to job cuts, including hundreds of investment banking positions.

Still, some pockets of growth remain intact. The bank said last month it’s sticking with plans to hire more than 600 for its wealth business in Asia by the end of 2022, with more than half of those jobs to be added through this year.

Bloomberg

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.