Majority of the layoffs h HSBC has deep roots in Hong Kong, dating back to 1865. By Arthur Villasanta 02/18/20 AT 6:34 AM . You may opt-out by. America's Top Givers: The 25 Most Philanthropic Billionaires, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, The Future Is Female And So Are The Job Losses: Women Impacted As 900,000 File For Unemployment, Why Women Fall Short In Negotiations (It’s Not Lack Of Skill), An Entrepreneur And Former Marine Takes On The NYC Mayoral Race: Meet Zach Iscol. Updated . My articles come from an experienced recruiter’s insider perspective. (New York Post), JP Morgan is announcing a plan – but no firm timeline as yet – to bring its employees back into the office, based on guidance from governments and health authorities. Another question raised by some is why HSBC reported that it will maintain its dividend payments to shareholders. 22 April 2020. I write actionable interview, career and salary advice. HSBC, the behemoth international bank, announced it will reignite its prior plan for a massive 35,000 job cut. HSBC quietly held rounds of layoffs. India Business News: Global financial company, HSBC India, has laid off about 200 of its employees across its technology function in the country. The people who say “no” to a firmwide salary reduction by Daniel Davies 22 April 2020 Early on in the coronavirus crisis, most of the big investment banks announced that their cost cutting and redundancy programs would be … Separately, it might be argued that bankers at all levels have it easy right now. These job reductions all occurred pre-Covid-19. Diversified Financial Services. Opinions expressed by Forbes Contributors are their own. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. After all, the strategic plan was announced in February, and everyone knew that HSBC wanted to cut the number of geographic reporting levels from seven to four. HSBC employs 41,500 in the UK. Perhaps these people regarded themselves as irreplaceable, or alternatively that they were bound to be fired anyway. This leaves us wanting to know more about those 50 people. In professional services firms, people are being asked to take one for the team, and to agree to pay cuts, particularly at senior levels, in order to preserve cash flow and avoid compulsory redundancies. Interestingly, HSBC anticipates that a large amount of workers will leave on their own volition and attrition will take care of 25,000 roles. HSBC’s boss resigned last month after only 18 months and has already cut 4,000 jobs this year. This has been very profitable; however, the bank found itself in the midst of geopolitical maelstrom, caught in between China’s new aggressive stance over Hong Kong. hsbc.com. This time though, it faces a double hit to its future. If this was enacted, it's reasonable to believe that jobs could be saved. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Surely the biggest worry would be that to refuse to take the cut would be to paint a target on oneself for the redundancies when they came? In light of the current challenging business climate, coupled with falling profits, the bank claims that it has to act now to rein in costs. The 10,000 jobs would equal 4% of global workforce at the bank. There was also the question of morality. HSBCplans to lay off up to 10,000 staff as it embarks on … Phil Falcone, hedge fund star of a few years ago, borrowed money secured against his art collection (and his houses), and then things started to go badly wrong… (Institutional Investor), Did you know there was a surprisingly successful version of Club Penguin for hedge fund founders and billionaires? 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