HSBC, the UK's largest bank, is to resume its plans to cut 35,000 jobs. It was also affected by anti-government protests in Hong Kong and tensions over the US-China trade war last year. “This represents one of the deepest restructuring and simplification programmes in our history.”. Unite, the union which represents staff working across HSBC in the UK, has responded this morning to the announcement that the bank will resume the restructuring program within the organisation with possible job losses of 35,000. HSBC are to accelerate 35,000 jobs losses following their financial results and their customer bad debts relating to Coronavirus could reach £9.8 billion. HSBC will close 82 branches across the country, the company has announced. The bank said it does not expect job losses with staff redeployed to other sites. 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. HSBC has … A source familiar with the matter tells Reuters that the plan will result in around 300 job losses. HSBC accused of 'massaging' job losses . Most of the remaining cuts will be in administration. Provisions for coronavirus would help cover bad debts if customers start to default on their loans. He said the bank would have further details on the impact of the virus on its full-year results when it releases first-quarter earnings on 28 April. Coronavirus: HSBC resumes 35,000 job cuts to fury of union. 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 is to press ahead with plans for mass redundancies that had been put on hold at the peak of the coronavirus pandemic, with around 35,000 jobs set to be cut globally. Bank warns of ‘meaningful’ job losses in UK and of impact of coronavirus outbreak in Asia, First published on Tue 18 Feb 2020 07.16 GMT. LONDON (Reuters) - HSBC plans to cut up to 340 manager jobs as part of a shake-up of its branch network in Britain, a source familiar with the matter told … “We would expect our headcount to decrease from the current level of 235,000 to be closer to 200,000 in 2022,” Quinn said. HSBC restructuring plans fuel fears of job cuts UNITE, the union, represents nearly 20,000 UK staff, in branches, call centres and back office roles, has called for urgent talks with management and criticised what it said was “yet another major reorganisation” by the bank. 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. HSBC is set to announce huge job cuts after confirming a huge slump in profits. HSBC Restarts Plan to Cut 35,000 Jobs The global bank, beset by tensions in China and losses in Europe, wants to reduce its massive workforce by 15% Most of the job losses are expected to occur in the global markets division as part of the restructure, and last month, HSBC made moves to combine its global markets and securities services business units into a single division. In total, about 7% of the bank's total work force will lose their jobs. The job losses will hit both the retail banking arm of HSBC as well as its investment bank, the BBC reported. 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. Apart from the cost-cutting, it also plans to shed $100bn worth of assets by the end of 2022. I think it’s really a call on how long does it take to contain the virus, and certainly some of the latest data has given us more optimism on that over the last week or so.”. 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. The job cuts had been well trailed but the scale is far greater than had been expected. HSBC’s profits before tax for 2019 dropped 33% to $13.3bn, substantially below analysts’ forecasts. The bulk of HSBC’s profits come from Asia, which has been hit by the coronavirus outbreak. HSBC will close 82 branches across the country, the company has announced. HSBC’s shares fell 6.2% in afternoon trading to 553p. A radical overhaul at HSBC which see 35,000 jobs axed does not go far enough, shareholders have said. Hsbc Job Losses Stock Photos and Images (40) Page 1 of 1. 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