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Up to 20,000 jobs to be cut at struggling HSBC - report

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Up to 20,000 jobs to be cut at struggling HSBC - report
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HSBC is planning to announce a huge swathe of job cuts next week, according to a report by UK broadcaster Sky News, which cited unidentified people close to the matter.

The report says between 10,000 and 20,000 people are set to lose their jobs.

Euronews’ request for comment from HSBC was declined.

Banking analyst Jim Antos said that the bank – which is Europe’s largest – needs to do more than cut staff to reverse its fortunes.

“It (the job cuts) is really unlikely to be an answer to their problems. The (HSBC) share price has been dead for several years now. And I think what the market is looking for is something pretty substantial, a new strategy.”

HSBCCEO Stuart Gulliver will announce the cuts at an investor meeting on 9 June, according to Sky, as part of an overhaul strategy for the bank.

Gulliver, who’s been in the job for four years, has been working to bolster earnings and reduce costs and has already overseen 50,000 job cuts.