HSBC has paused plans to cut 35,000 jobs across the world, as the banking giant revealed that it does not want to leave staff unable to find work elsewhere during the coronavirus crisis.
The news follows the announcement of the severe impact the COVID-19 pandemic is set to have on the business.
HSBC Chief executive Noel Quinn said: “The economic impact of the Covid-19 pandemic on our customers has been the main driver of the change in our financial performance since the turn of the year. The resultant increase in expected credit losses in the first quarter contributed to a material fall in reported profit before tax compared with the same period last year.
“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.
“I take the well-being of our people extremely seriously. We have therefore paused the vast majority of redundancies related to the transformation we announced in February to reduce the uncertainty they are facing at this difficult time.”