Jobs

HSBC To Cut 4,000 Jobs Globally - Affected Staff To Get Up To US$700M In Severance Costs

On Monday (5 August), HSBC CEO John Flint made a sudden exit after just 18 months into the job.

A source familiar with the matter said that the exit was a result of conflicting views with chairman Mark Tucker.

Following his departure, global commercial banking unit head Noel Quinn has been appointed as the interim CEO.

Beyond the leadership change, the British bank said that it will axe 2 per cent of its global headcount.

About 4,000 jobs will be affected as part of this company restructuring, particularly the “more senior ranks”.

As a form of compensation, HSBC will pay out a total of US$650 million to US$700 million in severance costs.

Regardless of the layoff, Tucker said that the bank remains committed to grow its business in Singapore, seeing that it’s one of eight strategic countries they are investing in.

“We are putting focus and support to the business, and it remains key to our overall Asian and Southeast Asian ambition. So Singapore is very much part of the future, part of the growth of the group,” he added.

Featured Image Credit: HousingWire

 

Subscribe to Vulcan Post Newsletter

Stay updated with our weekly curated news and updates.
 
Read more about our privacy policy here.