HSBC Restarts Job Cut : Report

(RTTNews) - HSBC Holdings Plc (HSBC, HSBA.L), which reported weak profit in fiscal 2019, is resuming the plan of cutting 35,000 jobs over the medium term, Reuters reported citing a memo.

The company's chief executive officer Noel Quinn reportedly said in the memo to employees that the bank will also maintain a freeze on almost all external recruitment.

In February, HSBC had announced plans of trimming around 35,000 jobs over the next three years, but later shelved it temporarily due to the outbreak of coronavirus. The job cuts were to be in its European and U.S. investment banking businesses, particularly in fixed income.

The company had planned to reduce assets worth $100 billion, and also projected $7.2 billion in charges.