HSBC to slash 10,000 jobs

HSBC is going to cut 10,000 jobs to save on costs and bolster their business model. The fact is that most traditional banks despite being nominally innovative are unable to compete in a 21st-century eco-system especially with fin-tech making inroads around the world. Many banks have their own evolution to blame. They have hobbled their own staff with terrible policies and compliance mechanisms and archaic systems all of which drive customers crazy and send them running to alternative solutions. Governments and banks need to work together to find solutions to stop hurting the 99% genuine customers while they try to hunt down and catch the 1% problematic people. Our banks need to get strengthened and they need to return to an attitude of commerce and customer first. They are and will continue to be a crucial pillar in the journey of personal and national economic upliftment. #banking #economy #reform #hsbc #banks #finance

Reported on HP Inc's planned job cuts and its Singapore staff's reactions over the weekend, woke up to news of HSBC's intent to slash up to 10,000 jobs. For now, it's unclear how workers here will be affected. HSBC earlier said it would lay off about 4,000 people, and this is the latest of reported job cuts by banks this year. (Numbers approach 60,000 as of last month, according to Bloomberg.)