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RETAIL BANKING | Staff Reporter, Europe

HSBC to cut 300 jobs in British commercial banking overhaul

In June, the bank resumed its plans to cut 35,000 jobs.

HSBC has slashed around 300 jobs as part of a restructuring campaign of its British commercial banking operations, reports Reuters.

“In line with the Group strategy announced in February, we continue to restructure and review the roles required to transform the bank,” a bank spokesperson said.

In June, HSBC resumed plans to cut around 35,000 jobs it had put on hold due to the pandemic as it grapples with the crisis’ impact on dwindling profits.

CEO Noel Quinn has said the moves are necessary to improve profits, as economic forecasts point to a challenging time ahead.

Moreover, the bank had warned in August that its loan losses for the year could blow past previous estimates to as much as $13b as the pandemic hammers the bank’s retail and corporate customers worldwide.

Here's more from Reuters.

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