HSBC’s retail bank in the UK (its 621 branches and the staff who work in them) look relatively safe for now. HSBC is in a row with unions amid claims the banking giant is "massaging" the latest redundancy figures to … Analysts had expected about 10,000 jobs to be cut. HSBC has … HSBC has confirmed that 35,000 jobs are to be shed as it announced its 2020 interim results where the global financial giant reported a revenue of $3.606bn, down from $4.506bn in 2019's first half. Individual borrowers could fall ill, while corporate customers could face financial difficulty if supply chains are disrupted due to trade restrictions or factory closures, particularly in China. HSBC also plans to merge its “back and middle office” sections of its commercial bank and its investment bank. Over the next three years worldwide headcount will fall from 235,000 to “closer to 200,000” in the words of Noel Quinn, interim chief executive. HSBC has confirmed that 35,000 jobs are to be shed as it announced its 2020 interim results where the global financial giant reported a revenue of $3.606bn, down from $4.506bn in 2019's first half. The job cuts had been well trailed but the scale is far greater than had been expected. Coronavirus: HSBC resumes 35,000 job cuts to fury of union. There are worrying signs with HSBC announcing 35,000 job losses, just days after a similar move at RBS. On the face of it, a profit of £10 billion for 2019 doesn’t look too shabby but it’s down sharply on the year before and HSBC has decided an overhaul is called for. HSBC said there had already been significant disruption for staff, suppliers and customers, particularly in mainland China and Hong Kong, and it was monitoring the situation closely. HSBC to accelerate cost-cutting restructure with 35,000 job losses as profits plunge Following a temporary suspension of its restructure due to the pandemic, HSBC confirms it will now speed up its transformation plans. Apple's coronavirus warning spooks markets – business live. HSBC’s shares fell 6.2% in afternoon trading to 553p. “Absolutely, we need to deal with the coronavirus situation in the short term but we do not see that changing the long-term strategic attractiveness of China,” he said. The bank also issued a warning over the coronavirus outbreak in Asia, which makes up the bulk of its profits, saying it could have an impact on its performance in 2020. The move being spearheaded by interim Chief Executive Officer Noel Quinn is aiming to slash costs, according to reports. The business showed “great resilience” last year and is seen as a having brighter prospects. Over the next three years worldwide headcount will fall from 235,000 to “closer to 200,000” in the words of Noel Quinn, interim chief executive. HSBC to cut 35,000 jobs as profit plummets by a third. Job losses here will be “meaningful” although, unhelpfully, the bank is refusing to publish a meaningful number. HSBC, which operates in 64 countries, said there would be “meaningful job cuts here in the UK”, mainly affecting its head office operations as well as its global banks and markets business, which are largely London-based. Apart from the cost-cutting, it also plans to shed $100bn worth of assets by the end of 2022. For more details of these cookies and how to disable them, see our cookie policy. HSBC has launched a restructuring of its commercial banking business in Britain. Despite the planned job cuts, HSBC said it had set aside £3.3bn in bonuses, down nearly 4% compared with last year. “This represents one of the deepest restructuring and simplification programmes in our history.”. “Unite is seeking urgent discussions with senior management to understand the serious impact of this announcement and what it will mean for our members in the UK.”. The bank’s group chief financial officer, Ewen Stevenson, who joined in January 2019, was handed a £1m bonus as part of his £4.9m pay package. Stevenson said: “We expect to take additional loan loss provisions as a result of the coronavirus and the weakened outlook for the Hong Kong economy. According to an internal memo sent by the bank’s chief executive Noel Quinn to its 235,000 staff worldwide, the redundancies will be made in the medium term and almost all external recruitment would be frozen. HSBC’s profits before tax for 2019 dropped 33% to $13.3bn, substantially below analysts’ forecasts. 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