35,000 people expected to be laid off by HSBC over the next three years

The interim CEO of HSBC, Noel Quinn, announced that the bank intends to lay off 35,000 people in 3 years. In this way, the financial institution will release 15% from its employees. Quinn said the company currently has about 235,000 workers. With the layoffs, that number will be reduced to 200,000. According to the CEO, layoffs are part of the bank's radical cost-cutting plan.

This Tuesday, the 18th, HSBC also reported that its net profit decreased by 53% last year. According to Quinn, the group's performance 'held up well' in 2019. Still, he claimed that certain departments of the bank's activities are producing unacceptable returns. Want to know more about HSBC's economic situation? Then continue reading this article!

More information on HSBC's performance

With the cuts planned by HSBC, the financial institution expects to reduce operations in Europe and in the United States specifically. It is important to mention that the bank's income was affected by some specific factors. One was the trade war between the United States and China. Brexit and the coronavirus outbreak also played a role.

As for the bank's results in recent years, it is necessary to highlight its good performance in Asia, with emphasis on China. However, in European countries and the United States, the scenario was quite different. That's because, in these places, the bank's result fell short of expectations.

Now the bank is in a phase of profound transformations led by Noel Quinn. He took over from John Flint, who stepped down as CEO of the financial institution after holding it for 18 months. According to Quinn, he and his team have started to put their plan in place and are willing to do it.

Final considerations

Having said that, we at Notícia Informe hope to have clarified the main information regarding the bank's economic situation HSBC. Comment below if you are a bank customer and are disappointed with the performance of the financial institution. In addition, also say what you think about the company's layoffs project.

Finally, be sure to follow our website to learn more about the economy in Brazil and the rest of the world! In addition to this news about the HSBC, we'll keep you updated on the hottest news of the week!

Source: wow