Graphic shows biggest banking job cuts in the year to date.
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BUSINESS

Bank job cuts approach 60,000 as HSBC swings axe

By Duncan Mil

October 7, 2019 - HSBC is to axe 10,000 more jobs on top of 4,700 redundancies announced in August. More than 58,000 banking jobs have been lost in a global cost-cutting drive so far this year.

HSBC’s latest cost-cutting drive under new interim chief executive Noel Quinn will focus mainly on high-paid staff. The redundancies come as global banks contend with low or negative interest rates and weak investment banking revenues.

In August, Deutsche Bank said it would eliminate 18,000 roles as part of a radical overhaul. Barclays, Société Générale and Citigroup have also announced job cuts this year.

HSBC is expected to announce its cost-cutting exercise when it reports third-quarter results later this month. The redundancies will result in a substantial reduction in HSBC’s headcount of roughly 238,000.

PUBLISHED: 07/10/2019; STORY: Graphic News; PICTURES: Getty Images
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