{"id":27864,"date":"2020-06-17T23:09:10","date_gmt":"2020-06-17T17:39:10","guid":{"rendered":"https:\/\/kashmir.today\/?p=27864"},"modified":"2020-06-17T23:09:10","modified_gmt":"2020-06-17T17:39:10","slug":"hsbc-to-cut-around-35000-jobs","status":"publish","type":"post","link":"https:\/\/kashmir.watch\/?p=27864","title":{"rendered":"HSBC to cut around 35,000 jobs"},"content":{"rendered":"\n<p><em><strong>The bank will also maintain a freeze on almost all external recruitment.<br \/><\/strong><\/em><\/p>\n\n\n\n<p><a href=\"https:\/\/www.thehindu.com\/business\/Industry\/hsbc-to-cut-around-35000-jobs\/article31848671.ece\">Reuters<\/a><\/p>\n\n\n\n<p>HSBC is resuming a massive redundancy plan it had put on ice following the outbreak of coronavirus, and will cut 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed.<\/p>\n\n\n\n<p>The bank will also maintain a freeze on almost all external recruitment, Chief Executive Noel Quinn said in the memo sent to the bank&#8217;s 2,35,000 staff worldwide.<\/p>\n\n\n\n<p>\u201cWe could not pause the job losses indefinitely \u2014 it was always a question of &#8216;not if, but when&#8217;,\u201d Mr. Quinn said.<\/p>\n\n\n\n<p>A spokesperson for the bank confirmed the contents of the memo.<\/p>\n\n\n\n<p>HSBC had originally postponed the job cuts, part of a wider restructuring aimed at reducing costs, in March when it said the extraordinary circumstances of the COVID-19 pandemic meant it would have been wrong to push staff out.<\/p>\n\n\n\n<p>The bank now has to resume the programme as its profits fall and economic forecasts point to a challenging time ahead, Mr. Quinn said, adding that he has asked senior executives to look at ways the bank can cut costs in the second half of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bank will also maintain a freeze on almost all external recruitment. Reuters HSBC is resuming a massive redundancy plan it had put on ice following the outbreak of coronavirus, and will cut 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed. The bank will also maintain a freeze on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":27865,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-27864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts\/27864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27864"}],"version-history":[{"count":0,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts\/27864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}