Category Archives: Job losses

HSBC to cut 35,000 jobs worldwide as profits plunge

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Bank warns of ‘meaningful’ job losses in UK and of impact of coronavirus outbreak in Asia

HSBC has said it will slash 35,000 jobs over three years as part of a major shake-up as it issued a warning over the impact of the coronavirus outbreak in Asia.

The interim chief executive, Noel Quinn, confirmed on Tuesday that plans to cut $4.5bn (£3.5bn) worth of costs would involve slashing about 15% of the group’s global workforce. “We would expect our headcount to decrease from the current level of 235,000 to be closer to 200,000 in 2022,” Quinn said.

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Daimler to axe at least 10,000 jobs worldwide

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Mercedes-Benz owner bids to slash €1bn from wage bill as industry switches towards electric vehicles

Mercedes-Benz owner Daimler has announced plans to cut at least 10,000 jobs worldwide in the latest sign of stress in the German automotive industry as it invests billions in electric cars.

Daimler, which also makes lorries, vans and buses, said in a statement on Friday it planned to cut “thousands of jobs” by the end of 2022, but later made it clear the toll would be higher.

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UK government agrees £300m rescue package for British Steel

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New funds thought to be enough to secure a sale to widening list of interested private bidders

The government has moved to rescue British Steel with a financial support package worth as much as £300m that ministers believe will be enough to secure backing from a private bidder.

It is understood that the Department for Business, Energy and Industrial Strategy (BEIS) has agreed to substantially increase support to bidders for British Steel, which employs more than 4,000 people, after months of wrangling following the company’s collapse into administration.

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BMW boss urges Boris Johnson to abandon no-deal Brexit

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German carmaker’s CEO offers to travel to London to deliver message to PM saying ‘listen to business’

The boss of BMW has urged Boris Johnson to respond to calls from business to find a compromise on Brexit – and offered to travel to the UK to deliver the message to the prime minister in person.

Speaking as the German carmaker reported falling profits due to its investment in electric vehicles, BMW chief executive Harald Krüger said it would be a “lose-lose” scenario if the UK leaves the EU without a deal.

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Nissan plans to axe 12,500 jobs worldwide, carmaker reveals

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Japanese motor giant refuses to say where cuts will fall as it seeks to revive flagging fortunes

Nissan said it would cut 12,500 jobs globally over the next three years as the Japanese carmaker tries to revive its business after profit was almost wiped out in the first quarter of its financial year.

The company, which employs about 8,000 people in the UK and 139,000 worldwide, did not disclose where the job cuts would fall. The cuts are bigger than expected after it emerged on Wednesday that at least 10,000 jobs would go.

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