Global HSBC restructuring plans fuel fears of job losses in the UK

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HSBC

HSBC has announced plans to restructure its business, after the banking institution announced that its performances in Europe and the US were ‘not acceptable’.

Interim Global CEO Noel Quinn said plans to improve these hubs were “no longer sufficient” and that HSBC was “accelerating plans to remodel them” in order to future-proof the business.

Earlier this month, HSBC announced that it was looking into cutting 10,000 jobs across the world. The firm currently employs around 250,000 people.

Quinn revealed that there was “scope” for UK job cuts, but wouldn’t be drawn into exact numbers.

These remarks came after the bank reported poor third-quarter results. HSBC said profit before tax fell 18% to £3.8bn in the three months to September. The company has been dealing with uncertainty arising from Brexit, the US-China trade war and ongoing unrest in Hong Kong.

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