HSBC is set to unveil a new round of job cuts targeting senior international man...
) is set to unveil a new round of job cuts targeting senior international managers and reduce its presence in some smaller markets as part of a wider strategy overhaul, people with knowledge of the matter told Reuters.
Quinn’s bid to restructure HSBC comes amid slowing economic growth in its major markets, an outbreak of the fast-spreading coronavirus, Britain’s protracted withdrawal from the European Union, and lower interest rates. The people spoke to Reuters on the condition of anonymity as they were not authorised by the bank to speak with the media.
After Reuters reported the strategy shift on Wednesday, HSBC said it had appointed Stephen Moss as regional chief executive for Europe, the Middle East, Latin America and Canada, bringing regions previously managed separately under his responsibility. In an internal email this week, HSBC told its staff there would be reports in the media ahead of its strategy and results announcements which it said could be “upsetting” and that it would not comment on them.
FILE PHOTO: A Turkish flag flies at the HSBC headquarters in Istanbul, Turkey, June 9, 2015. REUTERS/Murad Sezer/File Photo
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