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CEO Quinn last month announced a temporary halt to plans for 35,000 redundancies across the bank because of the impact of the coronavirus pandemic. HSBC's twin homes of Britain and China have been ...
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February 8: HSBC warns that bad debt provisions for 2006 would be 20% higher than expected to roughly $10.5bn (£5bn). [130] February 22: HSBC fires head of its US mortgage lending business as losses reach $10.5bn. [131] February 26: Comments by former Federal Reserve Chairman, Alan Greenspan, set off market tremors. [132]
HSBC Holdings plc (Chinese: 滙豐; initialism from its founding member The Hongkong and Shanghai Banking Corporation) is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational footprint.
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Around 50 jobs are at risk at UK branches as a result of global cost-cutting measures.
It was a strategy to cut $3.5 billion annual costs by quitting businesses or countries where it lacks scale which Credit Suisse has a larger business in Japan than HSBC and in line with a global business restructuring it announced that will see it cut 30,000 jobs as it pares back small or inefficient operations. [17] [18]
HSBC is pulling back from its credit card business in China eight years after its launch, as the lender struggled to expand and make the enterprise profitable in the world's second-largest economy ...