The bank is looking to save costs and that could mean more job cuts. It is expected to lay off 5% of its private banking staff in Hong Kong.
The bank said in October that it intends to reduce its cost base by $2.67 billion. In addition, it said it would lay off 2,700 people starting in the fourth quarter of this year.
The bank’s clients have withdrawn 6% of the assets under management in the six weeks to November 11, a leak that led to the liquidity of some of its entities falling under regulatory requirements. Outflows also affected revenue.
Another bank that is looking to reduce its costs is HSBC, which is based in London, and where layoffs are expected in different business units around the world.
The cuts at HSBC are estimated to be at least 200 jobs, especially operations managers.
The lender has been scaling back its extensive global business for several years, downsizing in many regions and exiting some countries to try to improve shareholder returns.
Chief Executive Noel Quinn said HSBC has identified $1.7bn of additional cost cuts it will make next year as it struggles to meet an overall target of no more than 2% rise in costs despite inflationary pressures. .
The initiative, codenamed Project Banyan, follows HSBC’s latest major layoff plan in 2020, which aimed to cut up to 35,000 jobs globally at all levels of the workforce.
With information from Reuters
