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

Chief of Staff

PrimeVault

Full Time

USD 15000 — USD 24000 yearly

Sales Development Representative

Juniper

Full Time

USD 60000 — USD 80000 yearly

Founding Backend Engineer

Remo

Full Time

USD 100000 — USD 124000 yearly

Battery Modelling Intern

Coulomb AI

Internship

USD 10000 — USD 20000 yearly

Technical Recruiter

Mintlify

Full Time

USD 100000 — USD 130000 yearly

Sales Development Representative

Two Dots

Full Time

USD 70000 — USD 80000 yearly

Part-time Software Intern

Silimate

Internship

USD 30 — USD 45 yearly

Fullstack Software Engineer III, Map

Flock Safety

Full Time

USD 125000 — USD 170000 yearly

Technical Project Manager

BLISSWAY

Full Time

USD 110000 — USD 180000 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 - 2024 BEAMSTART. All Rights Reserved (Legal).