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...
To continue reading this article...
Join International Investment
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes