(Alliance News) - The board of HSBC Holdings PLC plans to take the Asia-focused bank's previously planned restructuring even further, as the virus pandemic forces more aggressive action, the Financial Times reported Monday.
Back in April, HSBC temporarily suspended parts of the restructuring it had announced in February, saying that it was "not appropriate" to proceed with some of its job reduction programmes in the middle of the current crisis. Those plans would have seen 35,000 jobs lost, as worldwide staff was reduced to 200,000 from 235,000.
But the HSBC board is now pressing the bank's executives to restart the restructuring and come up with even more radical plans, according to the FT. This could include further cuts to, or even a sale of, HSBC's US business, as well as its retail network in France, the newspaper said, as the bank redirects resources to Asia, its historic home and profit centre.
https://www.ft.com/content/f467f3c1-886e-4543-b35e-52058651d67c
The job will fall to Noel Quinn, whom in March HSBC confirmed as permanent chief executive from interim.
By Tom Waite; thomaslwaite@alliancenews.com
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HSBC Holdings (HSBA)