HSBC is reportedly set to swing the axe on as many as 10,000 jobs as it becomes the latest banking giant to launch a radical cost-cutting overhaul this year.
The lender will see “a substantial reduction” in its headcount as a result of new plans from interim boss Noel Quinn, according to the FT, which reported that any cuts from the new plan would come on top of the 4,700 redundancies it has already announced.
One source told the newspaper: “There’s some very hard modelling going on. We are asking why we have so many people in Europe when we’ve got double-digit returns in parts of Asia.”
A number of major international banks have sought to slash costs and jobs this year amid growing political uncertainty and low interest rates.
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In August German lender Deutsche Bank revealed plans to cut 18,000 jobs across its global offices.
The move would mark the first major step under the new leadership of Quinn, who recently replaced John Flint as chief executive.
HSBC declined to comment.