Giant Bank Will Lay Down 10,000 People To Reduce Cost
HSBC will dismiss 10 thousand people. According to the Financial Times, HSBC will dissmiss 10,000 people to reduce costs.
FT informed the news that the cost reduction plan could result in a serious reduction in HSBC’s 238,000 workforce. According to one source, the bank is questioning why it generates so many jobs in Europe while generating double-digit returns in various parts of Asia.
The spokesman of HSBC refused to for comment on the issue. Large European banks, including Deutsche Bank AG, Societe Generale SA and Barclays Plc, are dismiss thousands of people with low interest rates and pressure on the expectations of the slowing economy.