According to the Financial Times, the bank will push ahead with a second round of cuts in a bid to keep to its strategic overhaul plans, expected to be outlined to investors in a few months.
The new job cuts come after Stuart Gulliver, HSBC’s chief executive, to promise that he “fixate on costs” over the coming year. Within this he said he would find a further $1 billion of annual savings in 2013, which it seems is coming from the job front.
Although there is no set amount of jobs that are on the line, it is predicted that around 5,000 staff could be issued with P45s.
This is on top of slashes over the past two years, which have seen staff headcounts drop from 302,000 to 260,000.
And there’s bad news on the horizon for HSBC’s IT workforce with rumours that Gulliver could go ahead with plans to replace the bank’s in-house software and development.
The number of staff working in that area is already estimated to have been dropped from 27,000 to about 21,000. However, there may be more cuts here if outsourcing IT is decided.