RATE Group | Major HSBC Layoffs: 35,000 Job Cuts and Massive Restructuring Announced
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Major HSBC Layoffs: 35,000 Job Cuts and Massive Restructuring Announced

22 Feb Major HSBC Layoffs: 35,000 Job Cuts and Massive Restructuring Announced

Posted at 08:13h in Bitcoin News by

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Major HSBC Layoffs: 35,000 Job Cuts and Massive Restructuring Announced

Banking giant HSBC has unveiled a major restructuring plan that includes 35,000 job cuts. The move came as the bank’s net profit plunged 53% last year. HSBC is also slashing $100 billion in assets and closing many branches. “This represents one of the deepest restructuring and simplification programs in the bank’s history,” explained interim CEO Noel Quinn.

Also read: Bitcoin, Tesla Stock, Tron: How Warren Buffett Got His First Bitcoin

Major Layoffs and Restructuring at Hand

One of the world’s largest banks, HSBC announced this week that it will be undergoing a major business overhaul. The London-based financial services company currently has 235,000 full-time employees across 64 countries and territories. According to reports, the bank plans to lay off around 35,000 workers over the next three years, reducing approximately 15% of its global workforce. Interim HSBC CEO Noel Quinn said during an earnings presentation:

This represents one of…

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