HSBC to Cut Thousands of Jobs to Control Costs After Flint Exit
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HSBC Holdings Plc confirmed its plans to eliminate jobs, axing more than 4,000 posts and warning that senior executives will be a focus of the cutbacks.
“We expect this year to have $650 million to $700 million of severance costs; that involves less than 2% of our workforce,” chief financial officer Ewen Stevenson said in a call with analysts. “It’s about 4% of our total salary costs, so you should assume from that it is targeted at more senior people in the organization.”