18th Feb 2020 06:53
(Alliance News) - HSBC plans to cut 15% of its global workforce as it embarks on a radical cost-cutting plan, the banking giant's interim chief said Tuesday.Â
"It's fair to say that our direction of travel will be to move the current headcount of 235,000 to be closer to 200,000 over the next three years," Noel Quinn told Bloomberg News in an interview.
The plans come as HSBC reported Tuesday a double-digit drop in annual profit on a goodwill impairment, despite solid revenue growth, as the group starts to make significant changes to its structure.
For 2019, HSBC's pretax profit fell by 33% to USD13.34 billion from USD19.89 billion the year before, even as revenue rose by 4.3% to USD56.10 billion from USD53.78 billion.
The reported pretax profit fell way short of market expectations. Analyst consensus had HSBC achieving pretax profit of USD20.03 billion for the year.
source: AFP
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