HSBC

Buffalo, NY
hsbc.com
Diversified Financial Services

Layoff Date:

October 21, 2020

Laid Off Employees:

35000

Laid Off Percent:

15%

Source: PYMNTS
"HSBC will be restructuring its commercial banking business in Britain which will result in 300 job cuts, according to Reuters. The cuts come as part of Europe's largest bank's larger restructuring effort from earlier this year, with HSBC looking to cut costs worldwide as the ability to boost revenues becomes more difficult. In June, HSBC resumed its plans to cut around 35,000 jobs after the plans had been temporarily put on ice during the pandemic. The pandemic had further cut into the bank's already dwindling profits, Reuters writes, and chief executive Noel Quinn said the cuts were necessary to help HSBC profits improve. The bank employs 235,000 people and warned early in the pandemic that the economic effects could result in $11 billion in loans not paid back."
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