EUROPE’S biggest bank, HSBC, has announced that it is resuming plans to make around 35,000 redundancies worldwide, because of the impact of the Covid-19 crisis.
The bank will also maintain its freeze on all external hiring, according to Chief Executive Noel Quinn.
The announcement was made in a memo sent to HSBC’s 235,000 staff around the world on Wednesday.
The trade union representing HBC’s workers, Unite, said it opposed the compulsory job losses at the bank, however CEO Quinn said there was no alternative.
“We could not pause the job losses indefinitely – it was always a question of ‘not if, but when’,” adding that the measures first announced in February were “even more necessary today.”
An HSBC spokeswoman has confirmed the contents of the memo Noel Quinn sent.