HSBC to Embark on Job Cuts Across Middle East, North Africa - Bloomberg:
HSBC Holdings Plc is embarking on a fresh round of job cuts, targeting hundreds of employees in the Middle East, North Africa and Turkey as the latest part of the lender’s ongoing cost-reduction program.
The global banking and markets and commercial banking units may bear the brunt of the reductions, which are due to start in November, according to people with knowledge of the firm’s plans. HSBC employs 4% of its total workforce in the region, according to its 2018 annual report, or about 9,600 full-time staff.
Noel Quinn, who took over as acting chief executive officer in August after the ouster of former CEO John Flint, has planned a series of retrenchments as he’s signaled he wants the top job on a permanent basis. The bank may partially exit stock trading in some developed Western markets, and will attempt to sell its French retail bank, a move that could remove as many as 8,000 staff from the payroll.
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