HSBC restructuring plans fuel fears of job cuts, 'Only our generation can heal America' Video, The vehicle that got a village smiling. HSBC profits slashed amid coronavirus but thousands of job cuts put on ice ... including planned cuts among its 40,000-strong workforce in the UK. The BBC is not responsible for the content of external sites. HSBC’s board is set to deepen the biggest restructuring in the bank’s 155-year history after deciding that the coronavirus crisis requires more drastic measures.. Watch Live News: Follow Us: HSBC job cuts. The cost squeeze is already underway. The job cuts announced by HSBC on Monday are set to reduce the bank’s global salary bill by 4% and will cost up to $700m in severance costs, HSBC chief finance officer Ewan Stevenson said on a call with analysts. News18 » News » Business » HSBC Puts 35,000 Job Cuts On Hold Amid Coronavirus Pandemic. Track Latest News Live on NDTV.com. AP Photo. HSBC is set to announce huge job cuts after confirming a huge slump in profits. Peter Hahn, banking expert and former dean of the London Institute of Banking & Finance, told the BBC's Today programme: "I think they were too optimistic about their chances of their success in investment banking. That has spurred the bank to target $4.5bn (£3.5bn) of cost cuts by 2022 as part of a major restructuring. HSBC accelerates 35,000 job cuts amid Covid-19 profit plunge This article is more than 5 months old Bank also forced to put aside another £2.9bn to cover bad debt in coronavirus crisis Eyes Deeper Job Cuts. Mr Quinn told Reuters that the restructuring would mean "that our headcount is likely to go from 235,000 to closer to 200,000 over the next three years". Chief executive John Flint steps down as lender begins cull of senior staff HSBC announces up to 4,700 job cuts. The cost squeeze is already underway. The number of job cuts has yet to be finalised, but "insiders said that it was likely to be between 10,000 and 20,000", Sky reported. Top headlines: Birla meets DoT secy on AGR row, HSBC plans 35,000 job cuts World coronavirus dispatch: US unemployment rises, job cuts at airlines HSBC is resuming a massive redundancy plan it had put on ice after the coronavirus outbreak, and will cut 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed. VideoThe vehicle that got a village smiling, Verdict for tycoon in historic mine corruption trial, BBC Worklife: Why code-switching is different now, .css-1ty7601-HeadlineContainer{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;width:100%;font-size:1rem;line-height:1.375rem;}.css-ftbx47-Heading{width:100%;}Google threatens to pull search engine in Australia.css-2nuv1h-Rank{font-size:1.5rem;line-height:1.75rem;font-weight:normal;padding-left:0.75rem;color:#B80000;}@media (min-width:37.5rem){.css-2nuv1h-Rank{font-size:2rem;line-height:2.25rem;}}1, QAnon in disarray after Biden inauguration2, Trump 'prank-called by Piers Morgan impersonator'3, Canada governor general quits amid bullying claims4, Republicans seek delay 'to give Trump fair trial'5, Anger at Margaret Court's Order of Australia award6, Senegalese student sorry after vanishing in France7, Australian Open player with Covid 'sorry' over row8, Do Republican voters buy Biden's unity message?9, Bond film release delayed for third time10. Yahoo is part of Verizon Media. The job cuts will be targeted at senior roles and is expected shave up to 4% of the bank's wage costs, HSBC Group Chief Financial Officer Ewen Stevenson told the Journal in an interview. Asia now accounts for about half of HSBC's revenue and 90% of profits. If HSBC wants to meet its target of a return on equity of 10-12% by 2022, the Barclays analysts say it will need to cut 97,610 jobs (precisely) within that time frame. The newspaper described the cuts as an attempt to rein in costs by reducing its headcount among a staff of about 238,000. The bank currently operates in more than 50 countries across North America, Europe, the Middle East and Asia. It employs more than 40,000 people in the UK, where it has its headquarters. The bank had 237,685 full-time employees at the end of June 2019, according to its 2019 interim report. Watch Live News: Follow Us: HSBC job cuts… The round of job cuts is expected to affect "a large number of global managerial roles across all business units," particularly in London, though Asia would not be spared, the news agency reported, noting that the region contributes to 90% of the bank's profits. New chief executive Noel Quinn gave news of his 235,000 employees around the world in a memo perceived by the BBC and confirmed as authentic by the bank. HSBC cuts bonuses and senior managers in strategy overhaul 18 Feb, 2020, 04.36 PM IST The lender said on Tuesday it had cut its bonus pool for 2019 by 4% to reflect poor performance and warned its investment bank will take a hefty proportion of the around 35,000 job cuts it expects over the next three years - many at its headquarters in London's Canary Wharf financial centre. Napier said HSBC’s new leadership would likely try to slash costs in response. HSBC Holdings PLC HSBC, -0.60% HSBA, -1.08% may become the latest to commence a widespread restructuring, with a report that it will slash up to 10,000 jobs , … .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}HSBC restructuring plans fuel fears of job cuts, HSBC customers hit by two IT glitches within hours, HSBC and Santander customers set for refund, Republicans seek delay 'to give Trump fair trial'. 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