Thread regarding HSBC layoffs

Project Oak

The cuts are coming mid-June and nobody at HSBC should be surprised. Bloomberg covered this with quite a bit detail, the impact will be mostly on GBM. Guyett is big on cost cutting and that's kind of what he does the best, so more to come here. Do not expect this to stop and it'll hit management the hardest - mark my words...

About 50% of all folks work at GBM so they will get the quickest and biggest impact there. Now, don't get me started on the Project Oak and 'positive jaws' - my hunch: a recession will hit very soon and models will crumble. Expect Asia to grow VERY fast, and the US headcount to continue to drop (fast)...

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Post ID: @OP+Zo2ZHQW

4 replies (most recent on top)

And my dear and faithful colleagues it is well known that when you stage layoffs there is no requirement in Canada to report to the Federal labour minister or have a joint committee of staff overseeing this process, hence they are advising shortage of work and laying off in waves.

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Post ID: @1frof+Zo2ZHQW

Actually most Canadian compliance staff were quite surprised when they too were escorted off the property minus their laptops and security passes.Its a surprise when weeks and days leading up to termination you are still being bullied about RPH etc . Managers got very desperate and did some terrible things It appears out of greed and desperation.It would appear some even lost their minds momentarily

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Post ID: @1ezwp+Zo2ZHQW

Agree with poster. US staff in crosshairs, not just GBM but also retail bank is overstaffed relative to disappointing performance. Mid and upper management especially should be concerned. Doubt they will pull out of US entirely, but radical rescaling would not surprise me. There is a 2020 goal on some of the bank, which they will miss. Look for that as justification of what will follow.

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Post ID: @1dwsh+Zo2ZHQW

That the typical HSBC financial accounting fudge. They have already been cutting permanent staff & then re-hiring them as contractors on a even larger rate. It is all about looking good on the financial statements instead of their real financial management

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Post ID: @kme+Zo2ZHQW

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