HSBC planning to cut 10000 more posts

HSBC building is seen at Canary Wharf in London

HSBC building is seen at Canary Wharf in London

Quinn became interim CEO in August after the bank announced the surprise departure of John Flint, saying it needed a change at the top to address "a 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". The FT reported that the latest round of layoffs will target high-paid roles, and suggested that many cuts may come in Europe as interim Chief Executive Noel Quinn looks to make his mark on the global company.

HSBC did not formally announce its restructuring plans, with no official indication of how many jobs it would exactly ax, but it expects to reveal the details when it reports earnings later this month.

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Quinn and Stevenson are said to be trying to find savings in each of the bank's four major divisions, which service multinational corporations, smaller businesses, retail customers and wealthy people. In the first initiation, HSBC had laid off 4,000 posts. The job cuts were implemented under "Project Oak" scheme that tried to encourage its executives and managers to reduce their team. The bank said last month it's sticking with plans to hire more than 600 for its wealth business in Asia by the end of 2022, with more than half of those jobs to be added through this year.

Markets Insider has reached out to HSBC for comment. British-based Barclays have also announced job cuts, as have French bank Societe Generale and U.S. bank Citigroup. HSBC's London headquarters is seen in this March, 2015 file photo.

The Hong Kong protest movements and political responses had been causing fluctuations in HSBC's shares.

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