HSBC to axe up to 10,000 jobs

HSBC could see up to 10,000 job losses in its latest cost-cutting efforts under new interim chief executive Noel Quinn.

The plans are thought to be HSBC's largest cost-cutting exercise in years, according to the FT, with 238,000 people currently employed by the bank. The job cuts would be in addition to the 4,700 redundancies recently announced by HSBC, which it attributed to "an increasingly complex and challenging global environment". "We've known for years that we need to do something about our cost base, the largest component of which is people - now we are finally grasping the nettle," a source told the FT. "There's some very hard modelling going on. We are asking why we have so many people in Europe...