HSBC to accelerate restructure plan to slash costs

HSBC to accelerate restructure plan to slash costs

HSBC said Tuesday it would accelerate its restructuring plan, slashing costs further than previously suggested.

The bank made the announcement as it posted a quarterly profit before tax of $3.1bn (£2.3bn) – down 35% from the same period last year.

The bank’s revenues were also down 11% to $11.9bn, with $3.2bn coming from its business in Asia.

HSBC hasn’t yet said if its plan to accelerate its restructure will mean more jobs will go.

The bank says it will provide a detailed plan with its full year results in February next year.

HSBC first announced plans to cut 35,000 jobs in February, but put the plan on hold amid the pandemic.

But after a 65% drop in pre-tax profits for the first half of the year, the bank said in August that it would accelerate the plan.

It said this quarter’s revenues fell mainly because of the impact of lower interest rates, and a lower share of profit from its Saudi subsidiary.

BBC

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