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HSBC revives plan to slash 35,000 jobs, freeze hiring to cut costs: Report

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

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In March, HSBC had postponed the job cuts, part of a wider restructuring to cut costs, saying the extraordinary circumstances of the COVID-19 pandemic meant it would have been wrong to push staff out

Lawrence White and Sinead Cruise | Reuters London

2 min read Last Updated : Jun 17 2020 | 9:40 PM IST

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.

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.

A bank spokeswoman confirmed the contents of the memo.

In March, HSBC had postponed the job cuts, part of a wider restructuring to

Topics : Coronavirus HSBC Banks job cuts Hiring

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