RATE Group | Banking Giant HSBC Set to Fire 10,000 More Employees
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Banking Giant HSBC Set to Fire 10,000 More Employees

08 Oct Banking Giant HSBC Set to Fire 10,000 More Employees

Posted at 03:42h in Bitcoin News by

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Banking Giant HSBC Set to Fire 10,000 More Employees

The banking sector continues to suffer drastic layoffs as the global economic outlook remains uncertain. The latest financial institution reported to be set for cutting a massive amount of workers is HSBC, which has already announced firing thousands of people just a few weeks ago.

Also Read: Bitfinex Braces for Imminent Lawsuit Alleging Tether Manipulates Crypto Market

HSBC to Cut High-Paying Jobs in Europe

London-headquartered multinational investment bank HSBC is planning to let go of up to 10,000 of its employees as a new cost-cutting measure, British media reported on Monday. The latest round of downsizing will target mostly high-paid roles and will be mainly focused on shrinking the bank’s operations in Europe.

This news comes just a few weeks after the investment bank announced the previous firing of up to 4,700 employees, about 2% of its global workforce. Those cuts were said to be focused on management roles and were in response to a bleak global…

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