HSBC is resuming plans to cut around 35,000 jobs which it put on ice after the coronavirus outbreak, as Europe's biggest bank grapples with the impact on its already falling profits.
It will also maintain a freeze on almost all external hiring, Chief Executive Noel Quinn said in a memo sent to HSBC's 235,000 staff worldwide seen by Reuters.
"We could not pause the job losses indefinitely - it was always a question of 'not if, but when'," Quinn said, adding that the measures first announced in February were "even more necessary today".
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