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HSBC plans to slash 10,000 more jobs in cost-cutting drive: Report
Posted on 7th October 2019
HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its chief executive stepped down and announced the axing 4,000 posts citing a weak global outlook.

The latest cuts mostly in high-paid roles are part of a fresh cost-cutting drive by new boss Noel Quinn as the banking titan struggles to adjust to falling interest rates, Brexit and the long-running trade war, the Financial Times reported.

"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 paper quoted an unnamed source as saying.

"There's some very hard modelling going on. We are asking why we have so many people in Europe when we've got double-digit returns in parts of Asia." The London-headquartered bank last month announced the shock exit of CEO John Flint after just 18 months in the hot seat but gave no reason for the decision.

At the same time it revealed it would axe two percent of its global workforce, or roughly 4,000 mostly management jobs, in a new restructuring aimed at weathering the global turmoil.

Still, its reported first-half net profit rose 18.6 per cent on-year to $8.5 billion. It is due to report third-quarter earnings at the end of October.

The cost-cutting drive is in line with other lenders who are battling global headwinds.

US banks including JPMorgan Chase and Wells Fargo have lowered their 2019 profit forecasts tied to interest rates as central banks around the world loosen monetary policy in response to a weakening global growth outlook.

Lower interest rates mean less profit on loans made by the banks, especially if they have offered higher returns on deposits to attract customers.

And last month Germany's second-largest lender Commerzbank said it plans to cut the equivalent of 4,300 full-time posts - a tenth of its workforce -- and shut 200 branches as it restructures.

Deutsche Bank has announced 18,000 job cuts and France's Societe Generale 1,600.

Other Latest News
United Airlines sending layoff notices to nearly half of its US employees
Posted on 9th July 2020
United Airlines will send layoff warnings to 36,000 employees - nearly half its US staff - in the clearest signal yet of how deeply the virus outbreak is hurting the airline industry.

The outlook for a recovery in air travel has dimmed in just the past two weeks, as infection rates rise in much of the US and some states imposed new quarantine requirements.

Veteran actor and Jaaved Jaaferi's father Jagdeep passes away at 81
Posted on 9th July 2020
Veteran actor Syed Ishtiaq Ahmed Jafri, popularly known by his stage name Jagdeep, passed away at the age of 81 on Wednesday.

He is survived by his two sons Jaaved Jaaferi and Naved Jafri.

In his career of more than six decades, Jagdeep acted in over 400 films and was a part of several hit Hindi films including 1975 blockbuster Sholay in which he played the character of Soorma Bhopali.

Gold price today at Rs 48,700 per 10 gm, silver climbs to Rs 50,000 a kg
Posted on 9th July 2020
Gold prices on Thursday jumped to Rs 48,700 from Rs 48,450 per 10 gram, while silver climbed to Rs 50,020 from Rs 49,200 per kilogram, according to Good Returns website.

Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

IRB Infra Developers hits 52-week high; stock zooms 84% in one month
Posted on 9th July 2020
Shares of IRB Infrastructure Developers gained 3 per cent and hit a 52-week high of Rs 121.50 on the BSE on Thursday on expectations that earnings may improve going forward as road traffic reaches over 80 per cent of pre-Covid level.

The stock of the company, which is the largest private roads and highways infrastructure developer in India, has surpassed its previous 52-week high of Rs 119.70 touched on January 21, 2020.

Breaking: UP Gangster Vikas Dubey nabbed from Madhya Pradesh's Ujjain
Posted on 9th July 2020
After days of intensified manhunt, the Uttar Pradesh Police has managed to nab gangster Vikas Dubey, news agency ANI quoted sources as saying.

It is being said that he was nabbed from Madhya Pradesh's Ujjain on Thursday where he had gone to offer prayers at the Mahakaal temple. He was detained by the guard.

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