[Re: Profit plunges as HSBC plans 35,000 job cuts] Without a doubt, banks are having to do more with less budget in this punishing low-rate environment. Some have persevered by slashing costs through staff reductions — but is that the most effective strategy? While it's important to run the lightest ship possible, cutting staff may result in cutting the bone rather than trimming the fat, which could damage a bank's operations in the long term. Instead, to stay within reasonable budget constraints, banks of all different sizes should prioritise adjustments to their technology strategy. The spoils will ultimately go to those who can improve cost efficiencies, manage operations intelligently, and quickly expand their reach to optimally engage clients. One such way would be through a cloud-based system which brings the opportunity to maximise profits while using high-quality technology. If banks don't do this, they risk pursuing the blunt instrument of acrossthe-board job cuts, which often means letting go of talent and experience that may be difficult to replace.

Vikas Srivastava, Integral

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