HSBC reportedly planning to layoff 10000 employees

Banking and financial services company HSBC employees are in fear of getting axed from their jobs. According to a report, HSBC Holdings PLC is set to lay off 10 thousand employees.

There is news that Noel Quinn, the interim CEO of HSBC, wants to reduce banking costs in any case. In this series, the company has now decided to remove the employees.

Announcement can be made soon

According to the report of the Financial Times, it can be announced after the third quarter report comes out later this month. Experts also say that this job cut will mainly focus on high-paying roles.

High salary drawing employees on the list

According to the news, the employees most affected in this retrenchment will be the ones drawing high salaries. According to the report, such a step is being taken to deal with the challenges being faced by HSBC Trade War, Brexit and falling interest rates.

Earlier the company announced the layoffs of its 4,000 employees. The company also blamed the global economic downturn for this.

Significantly, last month, HSBC announced a reduction of 2 percent in its workforce i.e. 4,000 jobs. Not only this, John Flint, the CEO of the company, also announced his resignation from his post.