British banking major HSBC is planning to lay off hundreds of employees across its Turkey, the Middle East and North Africa operations as part of its Project Oak cost-reduction programme, reported Bloomberg.
Citing HSBC’s 2018 annual report, Bloomberg reported that nearly 9,600 full-time employees of HSBC constituting 4% of its total headcount work in the region.
Go deeper with GlobalData
The bank’s Project Oak, which was launched under the watch of its former CEO John Flint earlier this year, prioritises job cuts.
Earlier this month, Financial Times reported that HSBC will abolish around 10,000 positions across its global operations in an effort to reduce costs. The cuts mainly affected high-paid roles.
In August, the bank announced a similar move to cut 4,000 jobs to deal with a sluggish economic scenario across the globe.
Noel Quinn, the newly appointed interim CEO of HSBC, is also considering a number of measures to boost the profitability of the banking business.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataBesides shedding jobs, the bank is likely to partially quit stock trading in some developed Western markets.
Also, the lender is reportedly considering offloading its retail banking operations in France, which will result in around 8,000 redundancies.
The layoffs as well as selling of businesses are expected to be revealed when the bank releases its third-quarter results.
