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Bank to cut 10,000 jobs in drive to slash costs

International banking giant HSBC Holdings Plc is all set to cut up to around 10,000 jobs from the firm. An international media reported that the interim CEO HSBC Noel Quinn is planning to cut down around 4% of the total workforce as move to reduce to costs.

HSBC is forced to cut off its workforce after the slipping down of business due to the escalation of the trade war between China and USA.

HSBC has a total workforce of 237,685 full time employees. Quinn has become the CEO of the bank as earlier CEO John Flint resigned from the post in August. Flint resigned from the post as a result of differences of opinion with the chairman of the bank Mark Tucker.

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