HSBC Targets Restructuring Worth $7.3 Billion
HSBC Holdings Plc is going to cut off 15% of its workforce which will cost the company $7.3 billion of charges. The lender will also face $4.5 billion cost cuts as it faces some challenges.
The interim boss Noel Quinn stated: “Parts of our business are not delivering acceptable returns. We are therefore outlining a revised plan to increase returns for investors.”
‘’It’s fair to say that our direction of travel will be to move the current headcount of 235,000 to be closer to 200,000 over the next three years, ‘’ he added.
HSBC shares had their biggest drop in six months in Hong Kong and dropped as much as 3.2% in trading. The bank warned its 2020 outlook is uncertain.
HSBC is also scaling bank its retail network by 30%. The lender will instead bolster its investment banking units in Asia and the Middle East
The interim boss Noel Quinn stated: “Parts of our business are not delivering acceptable returns. We are therefore outlining a revised plan to increase returns for investors.”
HSBC shares had their biggest drop in six months in Hong Kong and dropped as much as 3.2% in trading. The bank warned its 2020 outlook is uncertain.
HSBC is also scaling bank its retail network by 30%. The lender will instead bolster its investment banking units in Asia and the Middle East
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