HSBC to slash senior managerial roles, presence in smaller markets

It is part of a strategic plan by interim CEO Noel Quinn to boost the bank’s profitability.

HSBC is set to reduce its senior international managers and cut its presence in smaller markets as part of a strategic shift, Reuters revealed.

Whilst it is unclear how many jobs will be slashed, the plan will mainly hit HSBC’s operations in London and to a lesser extent, Asia, which comprises nearly 90% of the bank’s profits.

The cuts will focus on global managerial roles across all business units.

HSBC is also looking at its Latin American operations which accounts for only 3% of pre-tax profits. Except for Mexico, its presence in other countries in the region is small.

The changes are part of a plan by interim CEO Noel Quinn to strengthen the bank’s profitability against a slow economic growth in its major markets, the coronavirus outbreak, Brexit, and lower interest rates.

Here's more from Reuters.

Also Read

OCBC Ignite aims to double poly graduate intake

Singapore’s big banks aim for 96% emissions cut by 2050

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia