The report stated that the company has been facing a
challenging global environment due to low interest rates, trade conflicts and
uncertainties associated with Brexit. The latest cost reduction effort will be
focused mostly on high-paid roles.
HSBC is attempting to find ways to reduce costs in each of its major divisions and the company is also preparing to divest its retail operation in France, which in turn is expected to reduce thousands of jobs, said the report.
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Several banks have announced job reductions as the industry
struggles with weak revenue and low interest rates.
In the first half of this year, HSBC reported revenues of
$29.4 billion and EPS of $0.42. Adjusted revenues rose 8% while adjusted costs
were up 3.5%.
The company is set to release its third quarter 2019 results at the end of October. Shares were down in premarket trading on Monday.