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HSBC set to cut up to 10,000 jobs in drive to slash costs: report

HSBC Holdings is planning to cut up to 10,000 jobs globally as interim chief executive officer Noel Quinn seeks to reduce costs across the banking group, the Financial Times reported.

HSBC is reportedly going to announce thousands of job cuts.

HSBC is reportedly going to announce thousands of job cuts.Credit:AP

The plan represents the lender’s most ambitious attempt in years to cut costs, the newspaper said, citing two people briefed on the matter. HSBC has around 230,000 employees globally, with nearly 1900 in Australia. The report said the cuts will focus mainly on high-paid roles.

HSBC could announce the beginning of the latest cost-cutting drive and job cuts when it reports third-quarter results later this month, the FT said, citing one person briefed on the matter.

Quinn became interim CEO in August after the bank announced the surprise departure of John Flint, saying it needed a change at the top to address “a challenging global environment.”

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