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HSBC to Drop 35,000 Jobs and Invest in Digital Finance

HSBC to Drop 35,000 Jobs and Invest in Digital Finance

HSBC to Drop 35,000 Jobs and Invest in Digital Finance-Techcryption-01

Recently, HSBC Holding plc has revealed its plans to reduce 35,000 of its global headcounts by the end of 2022 and invest more in digital systems. And therefore, the bank would implement a new blockchain-based custody platform called Digital Vault by March 2020.

The bank’s job cuts are part of a wider restructuring across the bank’s European operations. HSBC, which operates in 64 countries, said there would be meaningful job cuts in the UK, mainly affecting head office operations as well as its global banks and markets business, which are largely London-based. Despite the planned job cuts, the bank said it had set aside £3.3bn in bonuses, down nearly 4% compared to last year.

Regarding that, HSBC also plans to move $20 billion worth of assets to the platform and aims to digitize paper-based records of private placements in order to increase standardization and speed up processes in the growing industry.

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