British multinational banking HSBC, will lay off up to 15% of its staff of 2,000 senior operations managers around the world. In accordance with Forbesthis measure is intended to reduce costs in the face of the global economic slowdown.
The layoffs from the London-based bank, mainly for the chief operating officers (COOs)will occur in various regions of the world and will involve, at least, the loss of 200 positions.
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According to two sources cited by the agency Reuters, the bank seeks to reduce its cost base by 2,670 million dollars. Even in October of this same year, announced that it would lay off 2,700 people starting in the fourth quarter of 2022.
The initiative, named Banyan Projectis consistent with HSBC’s latest layoff plan in 2020, where at that time it was planned to cut up to 35,000 jobs, at all levels, worldwide.
Announces the closure of 114 branches; argues transition to digital banking
The largest bank in Europe also announced that it will eliminate 114 branches throughout the United Kingdom from next April, a measure included in its transition to online banking.
The banking giant indicated today that it will spend tens of millions of pounds updating and upgrading the remaining 327 branches after this new wave of closures takes place.
Noel Quinn, chief executive, said HSBC has identified $1.7 billion of additional cost cuts it will make in 2023. Meanwhile, it is working to meet an overall target of no more than 2% rise in costs despite inflationary pressures.
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