(PM) – HSBC Holdings Plc (HSBA.L) is expected to lay off up to 10,000 employees as the bank is trying to reduce costs, according to the Financial Times.
HSBC’s current head count is about 238,000 workers and these layoffs will mark the banks most aggressive attempt to cut costs in years.
A person familiar with the situation told the Financial Times that: “We’ve known for years that we need to do something about our cost base, the largest component of which is people — now we are finally grasping the nettle,”
Barclays, Société Générale, Deutsche Bank, and Citigroup also made significant layoffs this year.
This move comes after former CEO John Flint was dismissed from the company because he avoided “difficult decisions” on job cuts.