Unite’s national officer for finance, Dominic Hook, said: “Despite HSBC still making billions of dollars of profit, once again hardworking and dedicated staff have woken up to the news that their job could be at risk. HSBC announced in February that it was expecting to slash its 235,000-strong workforce to around 200,000 over the next three years as part of a wider restructuring to save £3.6bn in costs. The Evening Standard’s business news editor Alex Lawson explains why it’s so important the UK negotiates hard with Europe for the city to remain the region’s finance capital. Bank warns of ‘meaningful’ job losses in UK and of impact of coronavirus outbreak in Asia, First published on Tue 18 Feb 2020 07.16 GMT. HSBC is listed and headquartered in London but trades in more than 60 countries and does an ever increasing proportion of its business in Asia, which accounts for half of the bank’s sales and the lion’s share of its profits. There are worrying signs with HSBC announcing 35,000 job losses, just days after a similar move at RBS. According to an internal memo sent by the bank’s chief executive Noel Quinn to its 235,000 staff worldwide, the redundancies will be made in the medium term and almost all external recruitment would be frozen. HSBC’s shares fell 6.2% in afternoon trading to 553p. “Absolutely, we need to deal with the coronavirus situation in the short term but we do not see that changing the long-term strategic attractiveness of China,” he said. LONDON (Reuters) - HSBC plans to cut up to 340 manager jobs as part of a shake-up of its branch network in Britain, a source familiar with the matter told … HSBC is in a row with unions amid claims the banking giant is "massaging" the latest redundancy figures to … Most of the job losses are expected to occur in the global markets division as part of the restructure, and last month, HSBC made moves to combine its global markets and securities services business units into a single division. The bank said it does not expect job losses with staff redeployed to other sites. The bank’s group chief financial officer, Ewen Stevenson, who joined in January 2019, was handed a £1m bonus as part of his £4.9m pay package. Individual borrowers could fall ill, while corporate customers could face financial difficulty if supply chains are disrupted due to trade restrictions or factory closures, particularly in China. The job losses will hit both the retail banking arm of HSBC as well as its investment bank, the BBC reported. The UK cutbacks are part of a wider restructuring across the bank’s European operations, where it aims to cut costs by 25%. “This represents one of the deepest restructuring and simplification programmes in our history.”. HSBC will close 82 branches across the country, the company has announced. Over the next three years worldwide headcount will fall from 235,000 to “closer to 200,000” in the words of Noel Quinn, interim chief executive. Union officials called for urgent talks with HSBC on the planned cutbacks. Quinn, who took over as interim chief executive after the ousting of John Flint in August last year, was paid nearly £2m including a £665,000 bonus. HSBC employs 41,500 in the UK. The job cuts had been well trailed but the scale is far greater than had been expected. But if the outbreak continues to spread throughout the second half of the year, HSBC could be forced to set aside as much as $600m to deal with the business fallout. HSBC is set to announce huge job cuts after confirming a huge slump in profits. Read HSBC's 2,000 job losses latest on ITV News. On the face of it, a profit of £10 billion for 2019 doesn’t look too shabby but it’s down sharply on the year before and HSBC has decided an overhaul is called for. HSBC has … Come and work with us and you'll have opportunities to make connections all over … However, Quinn said the lender remains committed to China, which represents a significant opportunity for growth despite recent disruptions. HSBC, the UK's largest bank, is to resume its plans to cut 35,000 jobs. Over the next three years worldwide headcount will fall from 235,000 to “closer to 200,000” in the words of Noel Quinn, interim chief executive. The bank said it does not expect job losses with staff redeployed to other sites. 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