Europe's largest bank cuts 10 thousand jobs

Europe's largest British bank HSBC cuts about 10,000 jobs or 4% of the staff, writes the Financial Times. This comes a few months after the resignation of the bank's CEO John Flint, who worked at HSBC for 30 years.

• According to the publication, this is "an ambitious attempt to cut costs" on the part of the interim chief executive of the bank, Noel Quinn. The bank's management considers it inappropriate to keep so many employees in Europe when the Asian market is twice as profitable. Sources say that the job cuts will not affect employees in the bank's divisions in Asia, where HSBC continues to hire people.
• The bank may announce cuts at the end of October, though no final decision has yet been made, according to the FT.
• The new layoffs will add to the already announced cuts of 4,700 jobs. His HSBC management explained the uncertainty associated with Brexit, trade conflicts and low interest rates. Highly paid workers will be fired first.
• FT interlocutors say that one of the reasons for the dismissal of ex-CEO John Flint was his unwillingness to decide on cuts.