HSBC increase job cuts to more than 35,000 to save £3.65bn in costs

HSBC announced in February that it would be cutting 35,000 jobs across the world, and look to make savings of more than £3.65bn as a result.

However, the banking giant has today announced that it is set to increase its cuts as the coronavirus pandemic continues to wreak havoc within the global business community.

HSBC’s US and European businesses and investment bank have been badly affected by the impact of the outbreak and subsequent lockdown. The bank’s Asian operation has not been as badly affected, and the plan is to retreat its operations back to its historical homeland in the Far East.

The coronavirus pandemic could leave HSBC with debts of up to £9bn due to bad loans this year alone. This has led to HSBC executive looking into making further cuts, which could be announced as early as next week.

Noel Quinn, HSBC Group Chief Executive, said: “HSBC has always been there for our customers in times of crisis, and we are working hard to support them during this unprecedented period of disruption. We do so from a position of strength, with robust levels of capital, funding and liquidity.

“The market-specific support measures that we are offering our personal and business customers have had strong take-up, and we remain responsive to their changing needs. We are also working closely with governments around the world to channel fiscal support to the real economy quickly and efficiently.”