HSBC Bank will lay off 35,000 workers worldwide

British multinational investment bank and financial services provider HSBC have announced the retrenchment of a large number of their employees. According to a report in the British media BBC, the company is going to lay off 35,000 workers worldwide.

Noel Quinn, HSBC's new CEO, says HSBC has 235,000 employees worldwide. The BBC verified that information and found it to be true.

Meanwhile, in February this year, the bank announced layoffs. But layoffs were suspended due to the global spread of coronavirus. However, the affected workers were talking about the internal use of the organization.

But in April, HSBC said it would suspend layoffs. Because of the spread of this coronavirus, workers will not be able to find new jobs. And the company does not want to throw employees into that disaster.

The company plans to lay off staff in February to cut costs by 4.5 billion US dollars by 2022. Besides, the company has also looked into the sectors where profits were low.

But more than three lakh employees were employed in this organization. But HSBC has left a number of businesses since the global economic crisis in 2008, and some have left; Among those countries is Brazil.

But HSBC is also being criticized for cutting staff at this inopportune time. Many are raising questions in this regard. Senior officials of the trade union unit have also opened their mouths in this regard.

Dominic Hook, a trade union official, said it was natural to ask why SSBC was now (retrenching) workers. At present, many employees of SSBC are giving discounts in various ways. They are working from home, running the office at risk, serving customers.

He added that the trade union would continue to oppose the dismissal of any employee of the United HSBC and that everyone would be heard to ensure that the workers' jobs were secured.

The BBC reports that the bank also faces some political challenges. Earlier this month, U.S. Secretary of State Mike Pompeo also criticized HSBC. The bank has been politically targeted for supporting China's imposition of new security laws on Hong Kong.

However, HSBC did not respond to Pompeo's statement.

Source: BBC