HSBC To Cut 35,000 Jobs Over The Next 3 Years
After a plunge in profits in 2019, HSBC announced they plan on making major cuts to their job force and in their business assets.
CNN is reporting that the reduction in their job force will happen over the next 3 years.
HSBC on Tuesday said it would cut around 35,000 jobs and dramatically overhaul its business after its profit plunged by a third in 2019.
The bank plans to reduce its global headcount by roughly 15% to 200,000 over the next three years, a company spokesperson said, although the precise figures have not been finalized.
SBC will also ditch $100 billion in assets, shrink its investment bank and close a third of its US branches as it shifts resources to the Middle East and Asia, where it already makes most of its profits. The changes are expected to cost $7.2 billion by 2022.
So how will this affect Western New York? CNN reported that a lot of the job cuts would come in the UK.
Quinn warned there would be "meaningful" workforce reductions in the bank's home market of the United Kingdom. Other cuts to jobs and costs will come from a simplification of the bank's organizational structure and from the effect of technology and digitization on the business.
HSBC has one branch in Depew located on Walden Ave. and a Commerical banking office in Downtown Buffalo.
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