HONG KONG: Scandal-hit bank HSBC said on June 9 it would cut its global headcount by up to 50,000 as part of a restructuring that entails its withdrawal from Brazil and Turkey, while it also mulls abandoning London as its HQ.
HSBC is to cut up to 25,000 jobs around the world – including as many as 8,000 in the UK – as its chief executive, Stuart Gulliver, embarks on a fresh strategy to reduce costs and bolster returns to shareholders.
Gulliver has already cut the workforce to 257,000 from 296,000 since he took the helm in 2011. The number of employees is now on course to hit 208,000 as he signalled another wave of reductions to turn the bank’s focus towards Asian markets and adopt digital technology.
Hundreds of branches will be closed in seven major markets including the UK, where the bank employs 48,000 in total.
The bank added that it would focus more on Asia, particularly the in the Pearl River Delta, and set up a ring-fenced British bank.
It also expects to complete a review of where to locate its headquarters by the end of this year.
