HSBC accelerates its plan for 35,000 job cuts  

London: Hong Kong and Shanghai Banking Corporation Limited (HSBC) is planning to step up its effort for 35,000 job cuts amid financial turmoil.

 

The bank has faced 65 per cent loss in the first six months this year. Falling interest rates, disruption, and political tension between the US and China, as well as uncertainty over Brexit, have impacted the performance of the bank.

 

The bank, which had postponed the plans for job cuts after the coronavirus pandemic began, has now started moving forward with the layoff plans.

Based in London, HSBC’s service is spread over 80 countries in the Asia –Pacific, Europe, Middle East, Africa and the Americas. It has been reported that HSBC generates over 90 per cent of profit from Asia.