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HSBC to cut 300 senior jobs in bid to streamline sprawling bank

Cuts: HSBC has been downsizing its sprawling global business for several years as it tries to improve shareholder returns

HSBC to cut 300 senior jobs globally in a bid to streamline management and cut costs

HSBC is cutting up to 15% of its 2,000 senior executives from global operations as it tries to streamline management and cut costs.

The cut of 200 to 300 management positions will affect several business units and sites, according to Reuters.

HSBC has scaled back its sprawling global business for several years as it tries to improve returns for shareholders.

This week it sold its Canadian branch for £8.4bn and announced the closure of 114 other UK branches and the possible sale of its New Zealand business.

Chief executive Noel Quinn said yesterday that HSBC had identified £1.4 billion in additional cost cuts which it will make next year.

He also insisted that the campaign to break up the bank by its biggest shareholder, Chinese insurer Ping An, was not led by Beijing and was not backed by other investors.

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“I don’t believe it’s politically motivated. Quite the contrary,” he told the FT Global Banking Summit. “We are considered in Asia, in Hong Kong, in China, as an important international bank.

“Based on the conversations we’ve had, it’s a position that’s always appreciated and people want us to take.”

Referring to Ping An’s campaign, Quinn added, “Conversations I’ve had with other institutional investors are that they don’t believe there is an economic argument to split the bank.”

“They believe there will be value destruction at the material level, not value creation.

“The arguments for change are not universally held arguments for change and I don’t think they are political arguments for change.

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“Our customers don’t think it’s the right thing either.”

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