The year has not been kind to corporations, amidst a trade war between the United States and China and the uncertainty over Brexit.
HSBC Bank, under interim Chief Executive Noel Quinn, has announced internally that up to 10,000 of its employees will be let go, with focus being on the high-earning, according to a report by The Straits Times.
HSBC currently employs around 238,000 staff.
The announcement comes only days after Quinn assumed the new role.
One of two people who know of the plan claims the bank has “known for years” that they had to do something, especially about the vast amounts of people under employ in Europe.
The amount under employ in the United Kingdom numbers at 39,000. However, Asia is the main growth earner for the bank, generating nearly 80% of its profits.
A statement from the bank as reported by The Straits Times claims that HSBC will continue with plans to hire 600 professionals, generating revenue in high-growth Asia.
The latest development will not stop current plans to let go of 4,700 more employees, which was reported by the Financial Times.
Other banks have also had to reduce their costs, with Deutsche Bank announcing that 18,000 jobs will be made redundant.
This news will not be good news for employees, as several banks are already undergoing such cost-cutting measures.
The upside is that Asia is providing most of HSBC’s profits, with jobs in Europe likely to be most affected.
So maybe Singaporean employees can still hold their breaths while the job-cutting storm blows over.
Featured image adapted from Financial News.
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