EMCC European Monitoring Centre on Change



Geographic Location

Country: World
Location of affected unit(s): UK, other EU countries + other non EU countries


Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Number Employed: 235000

Employment Effects

Announcement Date: 18-02-2020
Planned Job Reductions min: 35000
Planned Job Reductions max: 35000
Type of Restructuring: Internal restructuring
Employment Effect Start: 18-02-2020
Foreseen End Date: 31-12-2022

Additional Information

The bank HSBC has announced 35,000 job cuts over three years as part of a major reorganisation and cost saving plan. The announced job cuts represent about 15% of the group's global workforce. The interim chief executive said that the Bank expects a decline of the workforce from the current level of 235,000 to 200,000 in 2022. HSBC operates in 64 countries. The company explains there would be job cuts in the UK, mainly London-based since the affected units include its head office operations as well as its global banks and markets business. The bigger share of job cuts will occur in EU operations where HSBC faces losses.

Former worldwide restructurings were announced in 2015 with 25,000 job cuts, in 2013  with 14,000 job cuts, in 2011 with 5,000  job cuts and in 2008 with 1,100 job cuts.