Skip to main content

HSBC Investors Tell Bank To Speedup Layoffs By Laying Off Deadweight Members Of The Board

It'd really go a long way towards improving things around here. Just something to think about.
  • Author:
  • Updated:

You know what would really get these layoffs and other cost-cutting initiatives going? Laying off yourselves.

HSBC has promised to shed assets, slash up to 50,000 jobs in the next two years and cut costs to boost returns. But investors are growing impatient as the bank’s share price continues to slide. Some investors believe HSBC needs to cut the size of its board to speed up decision-making and act soon on the bank’s pledge to appoint a new chairman from outside the bank...Four major investors said HSBC should speed up its pace of change by, for example, selling off more assets more quickly, including its business in Mexico, and considering more radical actions to make the bank easier to manage, such as spinning off its U.K. retail business. Hugh Young, a fund manager at Aberdeen Asset Management, which owns 2% of the bank, according to FactSet, said HSBC should shrink its board by not replacing some of its nonexecutive directors whose tenure is approaching 10 years. Mr. Young added that he supports HSBC’s management and thinks it is broadly doing the right things.

Investors Urge HSBC to Speed Up Change [WSJ]


Layoffs Watch '15: HSBC Probably Going To Cut 20,000 Jobs

Or it could be a mere 10,000. The details are still being hammered out.

Layoffs Watch '16: Only YOU Can Help HSBC Cut $5 Billion In Costs

Employees across the pond know what we're talking about.

Layoffs Watch '15: Credit Suisse Wants You! (To Help It Cut Costs By 3.5 Billion Francs)

This is not so much a request as a requirement you're unlikely to get around, unless anyone is considering chaining themselves to their desks.

Layoffs Watch '16: Bank Of America Giving Traders The Ax

The cuts are said to be going down in the U.S. circa now.

Layoffs Watch '15: Deutsche Bank Plans To Lighten Its Load By 35,000 Employees

But also, it's looking for a few good investment bankers if you know anyone who's interested, present Deutsche investment bankers excluded.