Job cut fears as HSBC experiences 'unacceptable' Europe and US financial profits

HSBC is aiming to restructure the company following an ‘unacceptable’ performance in Europe and the US.

Noel Quinn, HSBC’s interim chief executive, believed plans to improve these areas of the business proved no longer “sufficient” and action plans are in place to improve them.

Yesterday (October 28), Noel said that there is “scope” for potential job cuts to take place in order to make the restructure work.

Earlier this month, the bank reportedly planned up to 10,000 cuts, currently employing around 238,000 staff.

Earlier this month, the bank, which employs 238,000 people, was reported to be planning up to 10,000 job cuts. Such news has come after the bank recently experienced ‘incredibly low’ third-quarter profits.

Profit before tax dropped to around £3.8bn, a reduction of 18 per cent in the three months to September 2019.

Noel added: “Parts of our business held up well in a challenging environment in the third quarter.

“However, in some parts, performance was not acceptable, principally business activities within continental Europe, the non-ring-fenced bank in the UK, and the US.”