HSBC cost-cutting drive threatens 10,000 jobs – FT

HSBC has embarked on a cost-cutting drive that threatens up to 10,000 jobs, as its new interim chief executive Noel Quinn seeks to make his mark on the bank. 

The plan represents the lender’s most ambitious attempt to rein in costs in years, said two people briefed on it, who said it would result in a substantial reduction in HSBC’s headcount of roughly 238,000. 

FT reports one bank source saying “There’s some very hard modelling going on. We are asking why we have so many people in Europe when we’ve got double-digit returns in parts of Asia.”

Via FT