Serious HSBC Chop Off Many Many Overpaid Do Nothing ‘Bankers’!

[Pinkieslut]

HSBC To Cut 35,000 Jobs In Huge Overhaul
Isabel TogohForbes Staff
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Topline: HSBC has announced it will cut 35,000 jobs worldwide over the next three years as part of a dramatic restructure, as it reported that its annual profits fell by a third.

• London-headquartered HSBC will see its workforce drop to 200,000, from 235,000, in the next three years.
• The measures are part of a drive to save $4.5 billion by 2022, and represents about 15% of the bank’s workforce, but the bank did not reveal where the cuts would be made.
• HSBC makes most of its profits in Asia, and warned that the coronavirus has disrupted operations in mainland China and Hong Kong
• Interim CEO Noel Quinn said the bank is monitoring the situation closely. “Longer term, it is also possible that we may see revenue reductions from lower lending and transaction volumes, and further credit losses stemming from disruption to customer supply chains,” he said in a statement.
• The bank is also slimming down its U.S. operations, closing 30% of its 224 branches and repositioning its services towards international clients as it seeks to cut costs.
• The bank’s profits fell to $13.35 billion last year, down from almost $20 billion in 2018.
• The drop was down to goodwill write-offs in its global investment and commercial banking in Europe, to the tune of $7.3 billion.

Shares fell more than 5.82% off the back of the news.
Additional fact: The Hongkong and Shanghai Banking Corporation (HSBC) was founded in 1865 to finance Britain’s trade with China but with acquisitions and growth now operates in 65 countries around the world. HSBC’s headquarters moved to London in 1992 but a shift back to Hong Kong given the growing importance of Asia to the bank has been much discussed.

Key background: HSBC’s overhaul comes amid a turbulent year for the bank which has confronted the impact of the coronavirus in China, Hong Kong’s protest movement, Brexit and the dramatic ouster of CEO John Flint in August. Quinn’s decision to focus cuts on HSBC’s investment banking arm in Europe and U.S. reflects how Europe’s banks have lost ground to Wall Street institutions even in their home markets.

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Isabel Togoh

I am a breaking news reporter for Forbes in London, covering Europe and the U.S. Previously I was a news reporter for HuffPost UK, the Press Association and a night
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[Pinkieslut]

 

[sfugel]

Should start chopping those overpaid assess from their SG Office.

 

[blackmondy]

Good news indeed. Time for those fucking nehs to fuck back to their native Rapist-land.

 

[sweetiepie]

KNN my uncle predict at least 40% if not more of the world's orfit jobs (including his) are redudant KNN eg @ginfreely clear what shit jobs and thinking how important she is KNN is fucking redudant KNN the actual folks that are really doing jobs are all from mainly service construction industry etc mostly the blue collared workers KNN

 

[meepokboy]

No losses to these bankers. They take their fat bonuses for this year and then move on to the next job that pays them well. That's how the finance industry works anyway

 

[frenchbriefs]

iPhone shortages,and they dare to say Vietnam can take over China.......one little virus and the entire iPhone production chain is crippled.

 

[syed putra]

At one time, it was the biggest bank in the world under john bond as ceo. He still lives in hong kong.

 

[frenchbriefs]

At one time, it was the biggest bank in the world under john bond as ceo. He still lives in hong kong.

U mean in 2009 crisis when every other US bank is trying to stay alive?

 

[A Singaporean]

Start with the Ah Nehs.

 

[blackmondy]

iPhone shortages,and they dare to say Vietnam can take over China.......one little virus and the entire iPhone production chain is crippled.

Not just iPhones but everything else, even car production. The entire supply chain is crippled for many industries because some fucker made a virus under CCPee's order.

 

[Hypocrite-The]

Bankers are nothing but parasites. No different to the worlds oligarchs. And bankers are now the lawyers and politicians of the past. Or rather the unholy trinity of lawyers, Bankers n politicians

Rowan Atkinson said it well.

 

[Hypocrite-The]

Bankers are the ones that cause the gfc. A bunch of parasites

 

[frenchbriefs]

Not just iPhones but everything else, even car production. The entire supply chain is crippled for many industries because some fucker made a virus under CCPee's order.

So CCP ordered a virus to cripple its own industries?

 

[blackmondy]

So CCP ordered a virus to cripple its own industries?

CCPee has ran out of money and is using the virus to dishonor the trade agreement.

 

[blackmondy]

Governments don't run the world. Bankers do.

 

[syed putra]

U mean in 2009 crisis when every other US bank is trying to stay alive?

He was ceo in 1993 and chairman in 1998-2005. Quit when you are at the top.