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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings Plc    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
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HSBC : delays job cuts in face of coronavirus

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03/26/2020 | 08:48am EDT
FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York

HSBC has said it is delaying the "vast majority" of its planned redundancies to deal with the fallout from the coronavirus pandemic, a memo sent to staff seen by Reuters said.

"Because of the extraordinary impact of the COVID-19 pandemic, we have decided to pause, for the time being, the vast majority of redundancies associated with this programme where notices have not already been issued," HSBC CEO Noel Quinn said.

"We will also pause external recruitment, other than for a small number of front-line and business critical roles and those already with written offers."

Quinn, who was confirmed in the top role earlier this month, had previously planned to cut about 35,000 jobs as part of an overhaul of Europe's largest bank by assets.

The memo was earlier reported on by IFR and the Financial Times.

(Reporting by Sinead Cruise, Writing by Iain Withers; Editing by Rachel Armstrong)

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Financials (USD)
Sales 2020 52 002 M
EBIT 2020 19 624 M
Net income 2020 9 014 M
Debt 2020 -
Yield 2020 8,70%
P/E ratio 2020 13,3x
P/E ratio 2021 9,59x
Capi. / Sales2020 1,92x
Capi. / Sales2021 1,88x
Capitalization 99 754 M
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Mean consensus UNDERPERFORM
Number of Analysts 23
Average target price 6,67  $
Last Close Price 5,09  $
Spread / Highest target 102%
Spread / Average Target 31,1%
Spread / Lowest Target -16,3%
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Managers
NameTitle
Noel Paul Quinn Group Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
John M. Hinshaw Group Chief Operating Officer
Ewen James Stevenson Chief Financial Officer & Executive Director
Darryl West Chief Information Officer
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