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HSBC to cut 4,000 jobs, says Singapore ‘remains key’ to growth

HSBC to cut 4,000 jobs, says Singapore ‘remains key’ to growth

SINGAPORE: British bank HSBC will axe thousands of jobs globally in an overhaul of its operations, but said its Singapore business “remains key” to its growth.

The bank will axe 2 per cent of its workforce, or roughly 4,000 jobs, as part of a new restructuring exercise aimed at weathering global turmoil, it said on Monday (Aug 5).

HSBC had 235,217 employees as of December 2018, according to its latest annual report.

The job cuts will “target more senior ranks”, chief financial officer Ewen Stevenson said in a first-half earnings conference call, adding that HSBC will pay out a total of US$650 million (S$898 million) to US$700 million in severance costs.

The bank, which makes more than 80 per cent of its profit in Asia, declined to disclose more details about the layoffs, including whether the cuts would extend to its Singapore unit.