HSBC to slash senior managerial roles, presence in smaller markets

It is part of a strategic plan by interim CEO Noel Quinn to boost the bank’s profitability.

HSBC is set to reduce its senior international managers and cut its presence in smaller markets as part of a strategic shift, Reuters revealed.

Whilst it is unclear how many jobs will be slashed, the plan will mainly hit HSBC’s operations in London and to a lesser extent, Asia, which comprises nearly 90% of the bank’s profits.

The cuts will focus on global managerial roles across all business units.

HSBC is also looking at its Latin American operations which accounts for only 3% of pre-tax profits. Except for Mexico, its presence in other countries in the region is small.

The changes are part of a plan by interim CEO Noel Quinn to strengthen the bank’s profitability against a slow economic growth in its major markets, the coronavirus outbreak, Brexit, and lower interest rates.

Here's more from Reuters.