HSBC delays plans to cut 35,000 jobs in face of coronavirus

Pedro Gonçalves
clock • 2 min read

HSBC is to delay thousands of job cuts planned as part of a massive overhaul announced in February because of the "extraordinary impact" of the coronavirus pandemic, the bank has announced internally. In a memo to all staff on Thursday, seen by International Investment, Noel Quinn wrote that the bank had decided to "pause, for the time being, the vast majority of redundancies associated with this [restructuring] programme". In addition, plans to exit unprofitable client relationships may need to be shelved during a period when regulators are calling on banks to help firms hit by Covi...

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