Internal restructuring
Location of affected unit(s)
UK, other EU countries + other non EU countries
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.19 - Other monetary intermediation

35,000 jobs
Number of planned job losses
Job loss
Announcement Date
18 February 2020
Employment effect (start)
18 February 2020
Foreseen end date
31 December 2022


The bank HSBC has announced 35,000 job cuts over three years as part of a major reorganisation and cost saving plan. The announced job cuts represent about 15% of the group's global workforce. The interim chief executive said that the Bank expects a decline of the workforce from the current level of 235,000 to 200,000 in 2022. HSBC operates in 64 countries. The company explains there would be job cuts in the UK, mainly London-based since the affected units include its head office operations as well as its global banks and markets business. The bigger share of job cuts will occur in EU operations where HSBC faces losses.

Former worldwide restructurings were announced in 2015 with 25,000 job cuts, in 2013  with 14,000 job cuts, in 2011 with 5,000  job cuts and in 2008 with 1,100 job cuts.



Eurofound (2020), HSBC, Internal restructuring in World, factsheet number 99854, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99854.