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HSBC Joins JPMorgan: Prepares To Unveil Up To 20,000 Job Cuts
The banking system must be doing great... just days after JPMorgan announced mass layoffs, SkyNews reports that HSBC is preparing to announce a revised headcount target, which insiders said that it was likely to be between 10,000 and 20,000 job cuts.
HSBC will next week set out plans to cut thousands more jobs across its global workforce as it tries to reassure shareholders that its focus on costs remains undiminished after a series of reputational crises.
Sky News understands that Stuart Gulliver, HSBC's chief executive, will set out a revised target for headcount reductions that will be implemented by the end of 2017 at an investor day next week.
The precise job cuts number that will be outlined by Mr Gulliver on June 9 was unclear on Monday, although insiders said that it was likely to be between 10,000 and 20,000.
One source said the numbers were still being worked on and had yet to be finalised.
Europe’s biggest lender employed 258,000 people at the end of last year, but it has already abandoned a target set two years ago to reduce its employee base to between 240,000 and 250,000 by 2016 because of the fast-changing nature of bank regulation.
It is understood that the headcount reductions figure announced next week will exclude the potential impact of the sale of HSBC's operations in Brazil and Turkey, where the bank does not disclose how many people work for it.
* * *
As we noted previously, of JPMorgan
The latest job cuts show that despite some resiliency in certain
business lines, including merger advisory and asset management...
Banks have been
scrambling to cut costs enough to counteract increased regulatory and
legal expenses in recent years while revenue growth has been hurt by low
interest rates.
“It’s cheaper for us and good for clients,” Mr. Dimon noted.
Maybe so, but we’ll tell you who it’s most certainly not good for:
the people who are about to be fired. To those folks we say simply that
you can blame ZIRP, a flagging US economy which ZIRP has failed to prop
up, and of course, the machines.
But at least the stock price is up... so that's nice!
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Everything is AWESOME!!
Looks like they will be closing the ethics dept. and the gold trading (manipulating) divisions.
Stay away from tall buildings.
It's gonna rain Banksters.
fuck more rain coming lol
Why not start the layoffs at the top with Jamie Dimon
Because he's richer than you.
Sorry, but I have no sympathy for the devil's minions. The peons in the banking industry are just as guilty as the big cheeses.
Dammit Silky, ya' dun it 'agin'! I was wondering what the marketplace was like for used minions. Stop stealin' mah' thunder, will ya'?!?
;)
What you see is only the beginning of the crack in the damn called the Banking Sector....
HSBC peaked in its employee strength in Dec 2007 at 330,000, according to their annual report. http://www.hsbc.com/investor-relations/financial-and-regulatory-reports#...
This number of employees has shrunk to 266,000 as of Dec 31, 2014, again, as per their annual report. (Sky News has obviously not read the annual report!). These journalists...sigh!
Decline of 64,000 employees is almost 20% of total employees globally.
If we include today's estimated 10k to 20k forthcoming job cuts, the bank would shrink to less than 250,000 employees which is still a big number which is quietly shrinking over the last 7 years.
I sincerely believe the reason these banks are shrinking is because the masters (including Govt, central banksters, public and shareholders etc) are tired and cannot afford to inject more capital nor bail these humongous criminal banks out. Hence, in future, if there any calamity they may even let the banks collapse like in Cyprus, Portugal, Spain, today in Turkey and 2 months ago in Mauritius and 3 months ago in South Africa etc.
The masters could not let the banks go down earlier and now they are forcing them to shrink.
Any day now, HSBC will sell its Brazilian operations where they will further reduce their global employee strength by another 21,000 not mentioned in the above headline.
This should take down the size of HSBC bank globally by approx 40k employees from 266,000 to close to 225,000, by Dec 2015, a shrinkage of 31% approx over the past 7 years.
In addition, it is interesting to note that until 2008, HSBC never published their Annual Report in Chinese but they started this practice to publish annual reports in Chinese (or Mandarin) in 2008!
Probably to appease their new masters?!
HSBC confirms may sell Brazil unit after suitors show interestMore like the governments guarantee profits and computers do almost all of the work. The serious stealing can be done by a small group of sociopaths. Fucking humans are a pain in the ass anyway!
People being fired don't work in tall buildings, they work in branches. The
people in tall buildings will be sending out the notices. Branch banking is going the way of the dodo bird as technology replaces people.
~"People being fired don't work in tall buildings, they work in branches."~
Too true. In the bankster world either you're in or you're out. At the branch level, you're most certainly "out".
" What is this word 'ethics' that you speak of"-Joe Mega-bank
I was going to say somethign snide, but these cuts go to the working class stiffs.
So that th eold school boys sitting in corner orifices, insider trading and deal making with the old boys and girls clubs can pay themselves MOAR.
So transparent a muppet rape has never been carried out to such littl eprotest.
The visual I see is a lot of people clinging precariously to the middle rungs of oil coated steel ladders, unable to act in case they slip.
Such a terrified society has been created. And everyone has started to look like everyone else too.
Denim Shorts/Skorts and Collared Fuckign tee shirts...tch....
Keeping diversity ALIVE AND Shiney!
https://www.youtube.com/watch?v=lk1TSBW_368
only sheeple lose their jobs the ones that should be fire will still have one !!!
Only the one's with business degrees. The algo programmer jobs are safe......
Is that you playing? Pretty intereting stuff.
Thanks TheR, yes it is me playing...
Very original. Congrats.
Thanks MB :-)
Yes, these cuts aren't banker jobs, they're teller jobs. All the major banks have been going on automation sprees, and online bill pay, direct deposit and the massive push for ACH in business transactions has turned most retail bank lobbies into ghost towns. The side benefit, of course, is when people rush for the exits there will be no staff present to help with the run.
Well, that's alright; the laid off employees can get a good job in the booming private sector. eh, what ? What do you mean it's not that way. They said so on Television.
Computer got the Corner Office... all we need is programers folks all you traders pack your desks, and leave the staplers thank you.
Yea, I would worry if it wasn't for the fact that the economy is doing so well!!
Nah, this is just trimming the fat while preserving the bonus-pool cream for the real bankster ballers.
They should be cutting 258,000 employees.
Cut their wrists. They deserve it for working in a bank.
Right between C1 and C2.
They're pulling a McDonald's and cutting jobs to make way for 100% HFT automated robots.
Given the great strides in all manner of software and hardware advances in the world of financial services computer support and management, how can it not be that thousands of human numbers crunchers and paper pushers would not be fired. Their value must be zero, just think what a talented software designer can do with managing banking software. I marvel at the administrative support that is so bloated, in an age when computers can do all or most of the support work for decision makers in finance. My own small business needs little book work, as the support website and it's programs deliver all the information and calculations I need to run monthly. Including automatic withdrawls and deposits as monthly income and bills are handled. Banking should be prone to a huge mass layoff of do nothings. Then these pricks can find out what it is like to have skills nobody wants or a million other people have who are willing to work for less. A real lesson in life is coming to arrogant self centered bank employees.
I spent years developing IT strategies and implementing systems in banks and never ceased to be amazed that employee numbers didn't collapse as a result of the technology. So yes, I fully agree with your point.
- Yeah it is a strong industry with lots of wasted energy to play the games, wasted compensation, rent seeking
- Not much jobs loss
All Employees: Financial Activities: Finance and Insurance
2015-04: 6,018.5 Thousands of Persons (Top was 6,220, bottom 5,750) Monthly, Seasonally Adjusted, CES5552000001, Updated: 2015-05-08
All Employees: Financial Activities
2015-04: 8,093 Thousands of Persons (Top was 8,400, Bottom 7,676)
Monthly, Seasonally Adjusted, USFIRE, Updated: 2015-05-08
- They are really sucking up the Small banks, Like Highlander, there can be only one!
Commercial Banks in the U.S.
2015:Q1: 5,501 Number (+ see more)
Quarterly, End of Period, Not Seasonally Adjusted, USNUM,
No worries, thes scumbags have already banked their money
I assume there are clauses in the contracts to prevent whistleblowers or provide incentive bonus not to whistleblow after being laid off.
Wonder what type of employees these are.
Would think all the Gaming, What if scenarios, modeling about different legislative solutions would be complete now.
Now it is just time to manage the collapse and increase liquidity for possible war loans, federal loans, EU loans, Asian Loans, Bailout Loans.
I'll tell you as a Ph.D. quant, the mathematical and statistical modeling process is very complex and needs human monitoring; an automated process cannot do what a well trainded human can do.
This is especially true with the massively distorted "markets" we have today (thanks private FED and GovCo "regulators").
These kinds of layoffs have more to do with the direction of economy than the adaptation of technology. Bankers are seeing dark clouds ahead of the coming storm .This is about their true faith in this kind of business climate.
Not gonna need tellers once withdrawals are . . . limited.
Jump you fuckers
"Europe’s biggest lender employed 258,000 people at the end of last year"
All those employees and they still write billions in bad loans. Is that not enough workers to research and evaluate loan viability?
Everything ZH is looking at is both a Confidence Game and a Numbers Game.
- Salesmanship 101, 201, 301
Problem is that they treat it like a Game.
OT, but doesn't Bruce (er, Caitlyn) Jenner look suspiciously like Michelle Caruso Cabrera?
Fuck HSBullCrap, Shitibank, JPmoron, Tribal Sachs, Wells Felchco, Bankruptcy of America, Crapitol One, Et Al.
Let them all FAIL. Every.single.one that took taxpayer funded bailout money.
And after they're gone, burn the motherfucking Federal Reserve to the ground.
Someone needs to creat an app that just holds your money electronically, no fees, no bs, and takes a modest .1% for every withdrawal.
Just obfuscate it with software, put up some ATMs in major cities and boom, you have the laypersons bank.
Let the corporations get stuck with these middlemen.
EDIT: i guess that app would have to have a routing number from employers, but still, I always wonder if its doable or if you will get killed by some bankster hitman/hit with every lawsuit imaginable
Fly songbirds, fly!
We got plenty of surplus cheese for these folks!
Laying off people at the large international banks might actually work if they started from the top down and let those who are left take over.
"we’ll tell you who it’s most certainly not good for: the people who are about to be fired. "
And you think Jamie gives two f*cks about them?
FIRES Industry sale.
" The economy is strong " and god bless this great Country of ours ( Fuck'en freaks )
I have to say it was always about Patriarchy, Authority, and Accounting Control Fraud. The Confidence game depends on Authority.
But with the Greed, Profit motive, and no Patriotism or Loyalty to a Country or Nation... have to cut costs in a flat economy to justify higher Executive Compensation & Bonuses.
Of course I might be off. This just might be a planned Collapse.
Looking at Velocity, Liquidity Risk, Middle Class pull back, Resistance for more War,... maybe it is just time to position themselves for Greater Depression by cutting overhead.
Last week we read that Emerging Economies were responsible for the Loss in Global GDP (CPB).
Latin America looked okay on volume for emerging economies, but with strong dollar...In Prices only Asia looked okay. It was Carnage.
Banking jobs cuts comes first then it hits everyone else. Next 7 year cycle. The Great Reset commith.
Shouldn't someone be stating the most layoffs in the financaisl since LehmanTM?
One bank to rule them all; one bank to find them
One bank to bring them all and in the darkness bind them
Fuck 'em. The fat assed tellers can sit at home and pick their noses.
Job cuts amongst .gov or bank employees just makes my day, especially after a long hard day of manual labour
Just what the world needs, another 20,000 redundant banking retards forming their own hedge funds.