30th Dec 2019 07:35
(Alliance News) - Up to 10,000 jobs at HSBC Holdings PLC are at risk, as the lender's interim boss plans an overhaul which could also see parts of its US division axed, the Daily Mail reported on Sunday.
Retail banking operations in France also could be closed, according to the newspaper.
In the US, the firm is mulling the sale of branches in US cities such as Los Angeles, Seattle and San Francisco.
Interim Chief Executive Noel Quinn is set to unveil plans for the shake-up in the company's annual results on February 18, as he looks to seal the job on a permanent basis, the Daily Mail said.
https://www.thisismoney.co.uk/money/markets/article-7835127/Up-10-000-jobs-risk-HSBC-international-overhaul.html
HSBC currently employs roughly 238,000 full-time staff in 65 countries.
In his third-quarter results statement back in October, Quinn set out the areas of the bank under scrutiny.
"Parts of our business, especially Asia, held up well in a challenging environment in the third quarter," Quinn said. "However, in some parts, performance was not acceptable, principally business activities within continental Europe, the non-ring-fenced bank in the UK, and the US."
Shares in the company closed 0.3% lower at 597.37 pence each in London on Friday.
By Eric Cunha; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
HSBC Holdings