HSBC to axe 10,000 jobs... possibly more
Next week, HSBC are going to start plans which will see thousands of jobs getting cut across the globe. The bank's chief exec, Stuart Gulliver, needs to lose some staff to keep shareholders happy, and this needs to happen before 2017 is over.
Gulliver hasn't outlined just how many jobs will go, but it is rumoured that the number is somewhere between 10,000 and 20,000.
There's talk of HSBC selling off wings of their business all over the world, and not only that, but the company may have to relocate too. Basically, they're in a mess and the bank actually took on thousands of compliance staff, thanks to the increasing scrutiny of new regulations.
There's been huge fines for misconduct and there's overhanging penalties from American authorities for HSBC's role in the manipulation of foreign exchange markets. Regulators are still probing the bank for the Swiss tax evasion scandal which kicked off this year.
Basically, HSBC can't afford to make many false-moves in 2015, or they could find themselves in a world of pain. As ever, the first people to go, are the people on the ground.