HSBC Ordered to Restart and Deepen Overhaul
The Covid-19 pandemic has reportedly pushed HSBC’s board to tell the Bank to restart its original overhaul strategy, with further efforts to deepen the cutting of costs.
According to an article by Finews Asia, an inside source revealed the reinstated plans.
The bank has been undergoing restructuring changes while concurrently attempting to retain most jobs. After announcing its plan to cut 35,000 jobs, USD4.5 billion in costs and USD100 billion in risk-weighted assets.