London Daily

Focus on the big picture.
Thursday, Jan 22, 2026

HSBC to cut 35,000 jobs worldwide as profits plunge

HSBC to cut 35,000 jobs worldwide as profits plunge

HSBC has said it will slash 35,000 jobs over three years as part of a major shake-up as it issued a warning over the impact of the coronavirus outbreak in Asia.
The interim chief executive, Noel Quinn, confirmed on Tuesday that plans to cut $4.5bn (£3.5bn) worth of costs would involve slashing about 15% of the group’s global workforce. “We would expect our headcount to decrease from the current level of 235,000 to be closer to 200,000 in 2022,” Quinn said.

“This represents one of the deepest restructuring and simplification programmes in our history.”

HSBC, which operates in 64 countries, said there would be “meaningful” job cuts in the UK, mainly affecting its head office operations and global banks and markets business, which are largely London-based. The lender would not comment on potential branch closures in the UK but said it was keeping the network “under review”. The group employs about 40,000 staff in the UK.

Union officials called for urgent talks with HSBC on the planned cutbacks.

HSBC, which operates in 64 countries, said there would be “meaningful” job cuts in the UK, mainly affecting its head office operations and global banks and markets business, which are largely London-based. The lender would not comment on potential branch closures in the UK but said it was keeping the network “under review”. The group employs about 40,000 staff in the UK.

Union officials called for urgent talks with HSBC on the planned cutbac

Unite’s national officer for finance, Dominic Hook, said: “Despite HSBC still making billions of dollars of profit, once again hardworking and dedicated staff have woken up to the news that their job could be at risk.

“Unite is seeking urgent discussions with senior management to understand the serious impact of this announcement and what it will mean for our members in the UK.”

The UK cutbacks are part of a wider restructuring across the bank’s European operations, where it aims to cut costs by 25%. HSBC is also targeting its US division, which will involve closing a third of its 224 branches, and said technology and automation would mean job losses across the bank as a whole. Apart from the cost cutting, it also plan to shed $100bn worth of assets by the end of 2022.

The bank also issued a warning over the coronavirus outbreak in Asia, which makes up the bulk of its profits, saying it could have an impact on its performance in 2020.

HSBC said there had been significant disruption for staff, suppliers and customers, particularly in mainland China and Hong Kong, and it was monitoring the situation closely.

The group chief financial officer, Ewen Stevenson, said: “We expect to take additional loan loss provisions as a result of the coronavirus and the weakened outlook for the Hong Kong economy. I think it’s really a call on how long does it take to contain the virus, and certainly some of the latest data has given us more optimism on that over the last week or so.”

He said the bank would have further details on the impact of the virus on its full-year results when it releases first-quarter earnings on 28 April. HSBC’s profits before tax for 2019 dropped 33% to $13.3bn, substantially below analysts’ forecasts.

The coronavirus outbreak is the latest challenge HSBC has had to face in Asia. It was also affected by anti-government protests in Hong Kong and tensions over the US-China trade war last year. However, Quinn said the lender remains committed to China, which represents a significant opportunity for growth despite recent disruptions.

“Absolutely, we need to deal with the coronavirus situation in the short term but we do not see that changing the long-term strategic attractiveness of China,” he said.
Newsletter

Related Articles

0:00
0:00
Close
Trump’s Board of Peace: Breakthrough Diplomacy or a Hostile Takeover of Global Order?
Trump’s Board of Peace: Breakthrough Diplomacy or a Hostile Takeover of Global Order?
The Greenland Gambit: Economic Genius or Political Farce?
The Greenland Gambit: Economic Genius or Political Farce?
The Greenland Gambit: Economic Genius or Political Farce?
Will AI Finally Make Blue-Collar Workers Rich—or Is This Just Elite Tech Spin?
Prince William to Make Official Visit to Saudi Arabia in February
Prince Harry Breaks Down in London Court, Says UK Tabloids Have Made Meghan Markle’s Life ‘Absolute Misery’
Malin + Goetz UK Business Enters Administration, All Stores Close
EU and UK Reject Trump’s Greenland-Linked Tariff Threats and Pledge Unified Response
UK Deepfake Crackdown Puts Intense Pressure on Musk’s Grok AI After Surge in Non-Consensual Explicit Images
Prince Harry Becomes Emotional in London Court, Invokes Memory of Princess Diana in Testimony Against UK Tabloids
UK Inflation Rises Unexpectedly but Interest Rate Cuts Still Seen as Likely
AI vs Work: The Battle Over Who Controls the Future of Labor
Buying an Ally’s Territory: Strategic Genius or Geopolitical Breakdown?
AI Everywhere: Power, Money, War, and the Race to Control the Future
Trump vs the World Order: Disruption Genius or Global Arsonist?
Trump vs the World Order: Disruption Genius or Global Arsonist?
Trump vs the World Order: Disruption Genius or Global Arsonist?
Trump vs the World Order: Disruption Genius or Global Arsonist?
Arctic Power Grab: Security Chessboard or Climate Crime Scene?
Starmer Steps Back from Trump’s ‘Board of Peace’ Amid Strained US–UK Relations
Prince Harry’s Lawyer Tells UK Court Daily Mail Was Complicit in Unlawful Privacy Invasions
UK Government Approves China’s ‘Mega Embassy’ in London Amid Debate Over Security and Diplomacy
Trump Cites UK’s Chagos Islands Sovereignty Shift as Justification for Pursuing Greenland Acquisition
UK Government Weighs Australia-Style Social Media Ban for Under-Sixteens Amid Rising Concern Over Online Harm
Trump Aides Say U.S. Has Discussed Offering Asylum to British Jews Amid Growing Antisemitism Concerns
UK Seeks Diplomatic De-escalation with Trump Over Greenland Tariff Threat
Prince Harry Returns to London as High Court Trial Begins Over Alleged Illegal Tabloid Snooping
High-Speed Train Collision in Southern Spain Kills at Least Twenty-One and Injures Scores
Meghan Markle May Return to the U.K. This Summer as Security Review Advances
Trump’s Greenland Tariff Threat Sparks EU Response and Risks Deep Transatlantic Rift
Prince Harry’s High Court Battle With Daily Mail Publisher Begins in London
Trump’s Tariff Escalation Presents Complex Challenges for the UK Economy
UK Prime Minister Starmer Rebukes Trump’s Greenland Tariff Strategy as Transatlantic Tensions Rise
Prince Harry’s Last Press Case in UK Court Signals Potential Turning Point in Media and Royal Relations
OpenAI to Begin Advertising in ChatGPT in Strategic Shift to New Revenue Model
GDP Growth Remains the Most Telling Barometer of Britain’s Economic Health
Prince William and Kate Middleton Stay Away as Prince Harry Visits London Amid Lingering Rift
Britain Braces for Colder Weather and Snow Risk as Temperatures Set to Plunge
Mass Protests Erupt as UK Nears Decision on China’s ‘Mega Embassy’ in London
Prince Harry to Return to UK to Testify in High-Profile Media Trial Against Associated Newspapers
Keir Starmer Rejects Trump’s Greenland Tariff Threat as ‘Completely Wrong’
Trump to hit Europe with 10% tariffs until Greenland deal is agreed
Prince Harry Returns to UK High Court as Final Privacy Trial Against Daily Mail Publisher Begins
Britain Confronts a Billion-Pound Wind Energy Paradox Amid Grid Constraints
The graduate 'jobpocalypse': Entry-level jobs are not shrinking. They are disappearing.
Cybercrime, Inc.: When Crime Becomes an Economy. How the World Accidentally Built a Twenty-Trillion-Dollar Criminal Economy
The Return of the Hands: Why the AI Age Is Rewriting the Meaning of “Real Work”
UK PM Kier Scammer Ridicules Tories With "Kamasutra"
×