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HSBC puts 35,000 job cuts on hold

Apr 28, 2020 16:29 IST

British multinational investment bank, HSBC announced on Tuesday that it has paused plans to cut 35,000 jobs. It did not want to leave staff unable to find work elsewhere during the coronavirus pandemic, the bank said. In February, HSBC had planned to scale back its headcount from 2.35 lakh to about 2 lakh over the next three years, the BBC reported. The move was part of a restructuring programme which aimed to achieve $4.5bn of cost cuts by 2022.