HSBC halts hiring, cuts expenses amid cost reduction efforts: Report

Updated : Jul 02, 2024 18:07
|
Editorji News Desk

HSBC Holdings is slowing down hiring and instructing investment bankers to reduce travel and entertainment expenses, according to a Bloomberg report.

The report further adds that sources familiar with the situation said the bank is not replacing staff who have left or resigned in recent months, and certain business units have been instructed to pause hiring altogether.

Also read/watch - Amid SEBI's new norms on sharing live market data, many stocks gaming apps quit operations

However, this hiring freeze is not intended to affect client-facing roles.

Bloomberg also reports that Investment bankers have been encouraged to set up at least three client meetings a day to maximize work travel. Employees in some divisions were reminded of these expectations at a recent company town hall.

HSBC's cost-cutting measures suggest that lenders are preparing for central banks to begin lowering interest rates in the coming months, signaling an end to the period of high rates that have boosted profits for large global banks like HSBC in recent years.

Hiring

Recommended For You

editorji | Business

Global stock market indices: How the world markets performed today - 07 March 2025

editorji | Business

Indian stock market sector-wise performance today - March 10, 2025

editorji | Business

Top 5 Nifty 50 gainers today – March 10, 2025: Biggest stock moves

editorji | Business

NSE Nifty 50: Top 5 stock losers of March 10, 2025

editorji | Business

Indian stock market sector-wise performance today - March 07, 2025