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HSBC set to cut up to 10,000 ‘high paid’ jobs in drive to slash costs

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Bloomberg: HSBC is planning to lay off up to 10,000 staff, according to reports on Monday, just weeks after its chief executive stepped down and announced the axing of 4,000 posts citing a weak global outlook.

HSBC could announce the beginning of the latest cost-cutting drive and job cuts when it reports third-quarter results later this month, the FT said, citing one person briefed on the matter.

The plans would make for the bank’s most significant cutbacks in recent memory, with Mr Quinn set to be the latest banking executive to drive forward with a jobs cull.

“We’ve known for years that we need to do something about our cost base, the largest component of which is people – now we are finally grasping the nettle,” sources briefed on the matter. “There’s some very hard modelling going on. We are asking why we have so many people in Europe when we’ve got double-digit returns in parts of Asia.”

The HSBC mass job cuts come after the lender said it would be laying off about 4,000 people this year, and issued a gloomier business outlook with an escalation of a trade war between China and the United States, an easing monetary policy cycle, unrest in its key Hong Kong market and Brexit. However, HSBC declined to comment.

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Without a China trade deal, the U.S. will hike tariffs

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Washington: U.S. President Donald Trump said on Tuesday that he would raise tariffs on imports of Chinese goods if no trade deal is reached with Beijing to end a tit-for-tat trade war that has roiled markets and damaged growth worldwide.

“China is going to have to make a deal that I like. If they don’t, that’s it,” Trump told reporters on Tuesday. “If we don’t make a deal with China, I’ll just raise the tariffs even higher.”

US Commerce Secretary Wilbur Ross was more measured in his comments, saying that the White House remains “optimistic” that an agreement can be reached.

US Treasury Secretary Steven Mnuchin said on Monday that he still expects a deal to be reached, but he also anticipated an additional 15 per cent tariff to be placed on about US$156 billion of Chinese imports on December 15 if there is no agreement.

“I have every expectation if there’s not a deal, those tariffs would go in place. But I expect we’ll have a deal,” Mnuchin

Predictions of a resolution have come and gone repeatedly as Trump veers from hints of imminent deals to declaring his satisfaction with the current standoff, because the United States is pulling in billions of dollars in trade tariffs.

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