HSBC to cut 15% of global workforce

  • Profitable branch: HSBC Bermuda’s Harbourview building on Front Street

    Profitable branch: HSBC Bermuda’s Harbourview building on Front Street


HSBC Holdings plans to shed about 35,000 jobs — 15 per cent of its global workforce — over the next three years, the bank said yesterday.

Any potential impact on HSBC Bermuda is not yet clear.

“There is no geographical breakdown regarding potential job losses,” an HSBC spokes- person said yesterday.

“We refer to the global announcement on hsbc.com.”

The job cuts announcement came as HSBC announced a pretax profit of $13.35 billion for 2019, down by one third from the year before.

HSBC said it planned to merge its private banking and wealth businesses, and axe European stock trading.

In the United States, it intends to cut about a third of its 224 US retail branches and target only international and wealthier clients.

Noel Quinn, the group’s interim chief executive, told Reuters: “The totality of this programme is that our headcount is likely to go from 235,000 to closer to 200,000 over the next three years.”

HSBC Bermuda’s profitability may count in its favour when decisions are made on where cuts are to be made.

Although its 2019 results have not yet been released by the group, the local branch generated adjusted net income of $140 million for 2017 and $139 million in 2018.

Mark Watkinson, then chief executive officer of HSBC Bermuda, told The Royal Gazette two years ago: “If you look at our record, we remain an important part of the group. Our adjusted return on equity is 17 per cent, which is above the 10 per cent target for the group.”

He added: “For us, Bermuda is a good market.”

You must be registered or signed-in to post comment or to vote.

Published Feb 19, 2020 at 8:00 am (Updated Feb 19, 2020 at 8:02 am)

HSBC to cut 15% of global workforce

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "Who will the Progressive Labour Party run in the Smith's West by-election against Vic Ball after the retirement of Trevor Moniz?"
    • Vance Campbell
    • 24%
    • Ernest Peets
    • 17%
    • Anthony Richardson
    • 29%
    • Curtis Richardson
    • 15%
    • Roseanne Tucker
    • 15%
    • Total Votes: 1132
    • Poll Archive

    Today's Obituaries

    eMoo Posts