Job cuts | HSBC to slash 35,000 jobs in global overhaul

HSBC has joined the group of financial institutions currently cutting staff numbers due to widespread economic uncertainty and a significant fall in profits - The Mirror reported.

The bank’s annual statement revealed a 33% drop in pre-tax profit from 2019, which represented a profit slump of over £10.2billion – well below projected expectations.

The shocking results prompted the firm’s current CEO Noel Quinn to suggest that up to 35,000 jobs would be facing potential redundancy.

Along with the 35,000 global employees, HSBC is expected to sell off more than £70billion in assets to make up for the deficit, the cause of which Quinn branded a ‘goodwill impairment’ in a statement released by the firm earlier this week.