HSBC Holdings is planning to cut around 10,000 jobs as interim Chief Executive Officer Noel Quinn seeks to reduce prices throughout the banking group.
The plan represents the lender’s most ambitious try in years to cut prices, mentioned by the newspaper, citing two people instructed on the matter. It said the cuts would focus mainly on high-paid roles.
HSBC could declare the beginning of the latest cost-cutting drive and job cuts when it reports third-quarter results later this month, the FT mentioned, citing one person briefed on the matter.
In August, Quinn became interim CEO after the bank announced the surprise departure of John Flint, saying it wanted a change at the top to address “a difficult global environment.”
John Flint’s exit was a result of differences of view with chairman Mark Tucker over subjects including approaches to cutting expenses, an individual familiar with the matter informed Reuters in August.
The reported job openings come after the lender mentioned it would be laying off about 4,000 people this year, and issued a gloomier business outlook with an escalation of a trade war of the United States and China, an easing monetary policy cycle, unrest in its key Hong Kong market and Brexit.