'Budgets have been cut on travel, entertainment, recruitment'.
The Daily Telegraph reports that HSBC is intensifying efforts to cut costs in the latest phase of its programme to slim down and become a more efficient bank.
'Budgets have been cut on travel, entertainment, recruitment', one source with knowledge of the situation told the newspaper.
'If a team member leaves and you want a new member of staff, you can’t just do it, you have to go through a whole process to set out why. It feels like firefighting'.
Such a process means it can cut its headcount by attrition, rather than firing staff outright.
HSBC CEO Stuart Gulliver said Monday: 'Our cost-reduction measures are beginning to have an impact. There is more to achieve on costs and we expect the measures we have already taken to have a further impact in the fourth quarter'.
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