This bank can lay off ten thousand employees from jobs
This bank can lay off ten thousand employees from jobs
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Hong Kong: HSBC, once one of the world's leading banks, is once again going to lay off employees on a large scale. According to a report, the company is going to take this step to reduce the cost. The company had earlier announced layoffs of its 4,000 employees. The company blamed the global economic scenario for this. According to the report, this retrenchment of 10 thousand employees will be on high-paid positions. HSBC is doing this to deal with the challenges being faced by trade war, Brexit and falling interest rates.

The newspaper reported that the company's new chief Noel Quick is on a cost-cutting campaign and the layoffs are part of that. Significantly, earlier the CEO of the company announced his resignation from his post. It is being said that HSBC has been preparing to plan for a long time to reduce costs and in this layoffs of employees was considered an important process.

HSBC had announced a 2 per cent layoffs in its workforce last month, ie, reducing 4,000 jobs. At the same time, the company's CEO John Flint also announced his resignation from his post. Let us tell you that due to the economic slowdown in the world, many companies have done large scale layoffs.

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