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HSBC resumes plan to cut 35,000 jobs post-Covid-19, according to report

Reuters
Reuters6/17/2020 02:58 PM GMT+08  • 2 min read
HSBC resumes plan to cut 35,000 jobs post-Covid-19, according to report
HSBC is resuming a massive redundancy plan it had put on ice after the coronavirus outbreak, and will cut 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed.
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(June 16): HSBC (HSBA.L) is resuming a massive redundancy plan it had put on ice after the coronavirus outbreak, and will cut 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed.

The bank will also maintain a freeze on almost all external recruitment, Chief Executive Noel Quinn said in the memo sent to the bank’s 235,000 staff worldwide.

“We could not pause the job losses indefinitely - it was always a question of ‘not if, but when’,” Quinn said.


See: Covid-19, oil price collapse to hit banks’ earnings as HSBC’s results show

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