HSBC PROFITS CRASH - MAJOR JOB CUTS IMMINENT



ORIGINAL POST
Posted by Ed 5 yrs ago

Despite both the booming, record-setting stock market and economy, the mood on Wall Street for many is somber. Recently, we have covered the massive downsizing at Deutsche Bank and Citigroup—today, it's HSBC’s turn.

 
The large global bank announced that it will eliminate more than 4,000 jobs. The employees impacted by the layoffs will include a large percentage of executive-level professionals. Recently, two other European-based banks, Barclays and Societe Generale, have also announced job reductions.
 
Read more on forbes.com 
 

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COMMENTS
Ed 5 yrs ago
HSBC CEO Vows To "Remodel" Bank After Profits Plunge 24%
 
 

With its largest and most important market, Hong Kong, in chaos, it's hardly a surprise that HSBC, the nominally British lender which has its largest business footprint in Asia (particularly HK) reported a double-digit slump in pre-tax profits during Q3.

The bank said net profit slumped 24% YoY to $3 billion, falling far short of what analysts had anticipated, according to the FT.

 
Though Quinn is only interim CEO, it looks like the bank means business with this initiative: The FT reported earlier this month that the bank's plan to cut costs and divest businesses could lead to 10,000 job cuts. 
 
Read more on zerohedge.com
 

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