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Oh! HSBC announces 35,000 worldwide job cuts after profits plunge 53% to $6 billion - 02-18-2020, 02:12 PM

HSBC announces 35,000 worldwide job cuts after profits plunge 53% to $6 billion amid crisis over US-China trade war, Brexit and coronavirus



HSBC has today announced a radical overhaul, including plans to slash 35,000 jobs and slim operations in the United States and Europe, after profits slid by a third last year.

The Asia-focused lender has been trying to lower costs as it faces a multitude of uncertainties caused by the grinding US-China trade war, Britain's departure from the European Union and now the deadly new coronavirus in China.

While its Asia business has done well in recent years, fuelled primarily by China, Europe and the US have disappointed.

Noel Quinn, who took over as acting CEO following the departure of John Flint, has been tasked with transforming the sprawling international bank, which spans more than 50 countries but makes the vast majority of its profit in Asia.

He told Bloomberg News that the global headcount would be cut from 235,000 to 200,000 over the next three years, although no details were given on where the axe would fall.

The restructuring plans are the most ambitious since 2012 when HSBC was caught up in a Mexican money laundering scandal.

HSBC's shares slid 2.2 percent in Hong Kong, outstripping losses in the broader market.

The bank said it was targeting $4.5 billion in cost cuts by 2022, with restructuring costs of around $6 billion.

Much of the cutbacks will be in the European and US investment banking sectors, while units in more profitable Asia and the Middle East would be bolstered.

In the US, the bank said it planned to reduce its branch network by around 30 percent, consolidate back and middle office activities and lower operating expenses by 10-15 percent.

For its non-UK Europe sector, the bank said it would 'reduce our sales and trading and equity research in Europe and transition our structured products capabilities from the UK to Asia.'

Riskier assets would be reduced by 35 per cent in Europe and 45 per cent in the US. Overall, the bank said it hoped to achieve a lower adjusted cost base of $31 billion or below in 2022.

The announcement came as HSBC reported pre-tax profits last year of $13.3 billion, 33 percent down on 2018, largely thanks to a $7.3 billion one time write-off related to its investment and commercial banking businesses in Europe.

It also reported a loss before tax of $3.9 billion in the fourth quarter of 2019.


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02-18-2020, 03:24 PM

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02-18-2020, 03:50 PM

HSBC is doing alright in Sri Lanka from what it looks.
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02-18-2020, 03:53 PM

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02-18-2020, 04:24 PM

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