HSBC is implementing an 8% reduction in staffing costs to achieve $1.5 billion in savings, expected primarily in the UK. This restructuring aims to streamline operations after a series of changes, including a merger of wholesale businesses and a focus shift toward wealth management in Asia. Although the headcount will shrink less than 8%, there will be significant job losses, along with $1.8 billion in severance and restructuring charges. Meanwhile, HSBC reported a record annual profit of $32.3 billion and announced a $2 billion share buyback despite these layoffs.
“Despite our headcount reductions, our staff bonus pool has increased to $3.8 billion, which shows our commitment to rewarding performance, even amid restructuring efforts.”
“Our focus remains on shifting resources to higher-growth areas, particularly in wealth management in Asia, a pivotal market for our future growth.”
Collection
[
|
...
]