HSBC is cutting jobs and delaying its net-zero emissions targets as part of a broader effort to reduce costs. The bank aims to save $1.5 billion (£1.2 billion) by 2026 by cutting global staff costs by 8%, primarily affecting senior roles within its newly merged wholesale corporate and institutional division.
While HSBC has not disclosed the number of job losses or a country-specific breakdown, CEO Georges Elhedery confirmed that the UK head office will see the most significant impact. The restructuring follows a shift to an East-West operational model and consolidates two of the bank’s three main divisions. HSBC is also scaling back its mergers and acquisitions banking operations in the UK, Europe, and the US.
The bank also announced it is pushing back its goal to achieve net-zero emissions in its operations and supply chain from 2030 to 2050. HSBC will review its 2030 emissions reduction targets for sectors such as oil and gas, power, aviation, and steel, with findings expected later this year. Despite this shift, HSBC remains part of the Net Zero Banking Alliance.
