HSBC said it will proceed with its transformation plan originally outlined in February «wherever possible» while keeping in place its ongoing pause for most job cuts.
The statement was made by chief executive Noel Quinn ahead of HSBC’s annual shareholder meeting this week, according to a «Reuters» report, which will see the bank release its results in the midst of an economic crippling coronavirus pandemic.
HSBC’s recommitment to the original plans was expressed following a handful of cuts in senior investment banking roles last week include the reshuffling of the top spots for the Asia, Europe and Americas units of global banking and markets.
Uphill Battle
Since being named as interim chief executive, Quinn has undergone an uphill battle, facing a complex flurry of headwinds involving political, social and economic factors.
In addition to a prolonged fight to secure his position as the permanent CEO, Quinn has also faced social unrest in Hong Kong, a pause to most of its planned 35,000 job cuts, and a dividend cancellation fiasco.
