HSBC To Pause Job Cuts As Virus Hits

HSBC says it will pause its major job cut plan involving 35,000 jobs due to the impact of the coronavirus outbreak.

The bank has confirmed to RTHK that new CEO Noel Quinn, and Group Chief Human Resources Officer Elaine Arden, have sent a memo to staff making the announcement. It also says it will put external recruitment on hold.

Last month the UK-based bank said it planned to slash the jobs and slim operations in the United States and Europe, after its pre-tax profits for last year fell by a third to US$13.3 billion.

In addition to the Covid-19 outbreak, the lender has been trying to lower costs as it faces uncertainty caused by the US-China trade war and Britain's departure from the European Union. (with additional reporting from AFP)