Banks are going more and more online, so the layoff process hasn’t been started with COVID. The later however led to its intensity and lack of any meaningful alternative for bank employees. HSBC bank is shrinking its workforce like the others. Except of being a major bank it attributes to the entire situation on a large scale.
After some pause, British bank HSBC continued its substantial layoff program, with 35,000 jobs eventually going to disappear in the coming years. This is evident from a memo that the CEO of the bank sent to the total of 235,000 employees.
HSBC postponed its mega job cut in March, due to the corona crisis. The financial institution said the circumstances were extraordinary at the time, so it would be “wrong” to send staff home. CEO Noel Quinn says the job loss cannot be interrupted indefinitely.
“It was not a question of not, but when,” said Quinn.
The bank now has to resume the program as earnings are falling and economic forecasts point to a challenging time. HSBC mainly conducts business in Asia.