HSBC to cut 10,000 jobs — the banking industry is facing deep job cut wave

Global economic turmoil frustrates HSBC and other big banks.


Syamil Faisal

8 Oct, 2019

HSBC to cut 10,000 jobs — the banking industry is facing deep job cut wave | BEAMSTART News

- From our Sponsors -

The banking industry is heavily affected by Europe’s low economic growth, weak investment bank revenue, and negative interest rate across Eurozone.

HSBC’s cost-cutting decision is a response to the falling interest rate, Brexit, and the US-China trade war.

Neil Quinn, HSBC’s interim CEO has been pushing the restructuring efforts since the departure of its previous CEO, John Flint, after only 18 months being in the job.

According to the group’s annual report, HSBC has identified its European operation accounts for pre-tax loss in 2018, while 90% of its $19.9 billion pre-tax profit was contributed by Asia alone.

One of the sources quoted by The Financial Times said:

“There’s some very hard modeling going on. We are asking why we have so many people in Europe when we’ve got double-digit returns in parts of Asia.” 

- From our Sponsors -

Latest Jobs

Full-Stack Engineer

Clarion

New York,

Full Time

USD 150000 — USD 220000 yearly

Senior Software Engineer, Song Quiz

Volley

California,

Full Time

Salary Undisclosed

Director, Service Operations

Curri

California,

Full Time

USD 160000 — USD 190000 yearly

Founder's Office

CozmoX AI

California,

Full Time

USD 50000 — USD 100000 yearly

Launch Operations Specialist

RealRoots

California,

Contract

USD 80000 — USD 90000 yearly

Solutions & Sales Operations

Zensors

California,

Full Time

Salary Undisclosed

Account Executive (US)

Kombo

New York,

Full Time

USD 200000 — USD 220000 yearly

Product Strategist

Corgi

California,

Full Time

USD 100000 — USD 180000 yearly

Member of Technical Staff – Backend Engineering

Activeloop

California,

Full Time

USD 150000 — USD 250000 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2025 BEAMSTART. All Rights Reserved (Legal).