HSBC to make 35k job cuts worldwide over the next few years due to coronavirus crisis

Banking giant HSBC will resume plans to cut 35,000 jobs worldwide over the next few years after putting the redundancy programme on hold amid the coronavirus crisis.

In an internal memo to its 235,000 staff, chief executive Noel Quinn said the cuts first announced in February are “even more necessary today”.

He said the group would will also freeze the “vast majority” of external recruitment.

Quinn said: “We could not pause the job losses indefinitely - it was always a question of ‘not if, but when’.”

Back in April HSBC put on ice its massive redundancy programme to help care for its staff during the coronavirus crisis.

Big cuts are expected to staff in the London HQ, where it employs thousands. Global banks and markets businesses - effectively investment banking - is expected to be worst hit here.