HSBC Workers Face The Chop

REDUNDANCIES - HSBC is set to make thousands of redundancies and will reduce its business in Europe and the US after poor financial performance. The decision had been made by the newly appointed interim chief executive Noel Quinn, who pledged yesterday to “remodel the organisational structure” of the bank.

HSBC’s profit had fallen by 18% to $4.8bn in the three months to the end of September compared with last year, which led to shares dropping by almost 4%.

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