Posted by AdviserDirect on 05/31/2019

HSBC planning to cut hundreds of jobs in global banking

HSBC planning to cut hundreds of jobs in global banking

At least 500 people at the bank could lose their job within global banking and markets, but formal numbers have yet to be announced.

The cuts are expected to start as soon as mid-June, and to take place over the rest of 2019. The global banking and markets division at the bank employs around 48,500 people.

They come amid sweeping job reductions across the firm and are reportedly part of a wide plan nicknamed Project Oak. The project is designed specifically to allow various divisions to transfer the immediate costs of making people redundant to the HSBC parent company, rather than shouldering the burden themselves.

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