This article is from the source 'nytimes' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.nytimes.com/2020/02/18/business/hsbc-job-cuts.html
The article has changed 13 times. There is an RSS feed of changes available.
| Version 10 | Version 11 |
|---|---|
| HSBC Plans to Cut 35,000 Jobs, Weighed Down by Virus and Hong Kong Unrest | HSBC Plans to Cut 35,000 Jobs, Weighed Down by Virus and Hong Kong Unrest |
| (7 days later) | |
| HONG KONG — HSBC plans to cut 35,000 jobs over the next three years as the global bank scales back its Western operations to focus on faster-growing Asian markets, particularly China. | HONG KONG — HSBC plans to cut 35,000 jobs over the next three years as the global bank scales back its Western operations to focus on faster-growing Asian markets, particularly China. |
| The London-based bank announced Tuesday that it aimed to cut $4.5 billion in costs, as it faces headwinds like the coronavirus outbreak in China and months of political strife in Hong Kong, one of its most important markets. | The London-based bank announced Tuesday that it aimed to cut $4.5 billion in costs, as it faces headwinds like the coronavirus outbreak in China and months of political strife in Hong Kong, one of its most important markets. |
| The coronavirus is causing economic disruptions in Hong Kong and mainland China that could hurt HSBC’s performance this year, the bank warned. It lowered expectations for growth across Asia for this year but added that it expected some improvement once the virus was contained. Nearly half of the bank's revenue comes from Asia. | The coronavirus is causing economic disruptions in Hong Kong and mainland China that could hurt HSBC’s performance this year, the bank warned. It lowered expectations for growth across Asia for this year but added that it expected some improvement once the virus was contained. Nearly half of the bank's revenue comes from Asia. |
| Yet the announcement was a sign that, despite those issues, HSBC sees little upside ahead in developed markets like Europe and the United States. (In some ways, it is a return to HSBC’s roots: The bank was founded in the 19th century as the Hongkong and Shanghai Bank.) | Yet the announcement was a sign that, despite those issues, HSBC sees little upside ahead in developed markets like Europe and the United States. (In some ways, it is a return to HSBC’s roots: The bank was founded in the 19th century as the Hongkong and Shanghai Bank.) |
| As part of the plan, HSBC said it would divest more than $100 billion worth of assets, in large part by scaling back divisions. That includes slashing its American retail bank network and consolidating some of its business lines. | As part of the plan, HSBC said it would divest more than $100 billion worth of assets, in large part by scaling back divisions. That includes slashing its American retail bank network and consolidating some of its business lines. |
| The move also reflects HSBC’s intent to step back from investment banking. That would make it one of several European lenders to curtail their ambitions for the business after consistently lagging behind American rivals like Goldman Sachs, Morgan Stanley and JPMorgan Chase. | The move also reflects HSBC’s intent to step back from investment banking. That would make it one of several European lenders to curtail their ambitions for the business after consistently lagging behind American rivals like Goldman Sachs, Morgan Stanley and JPMorgan Chase. |
| HSBC shares trading in Hong Kong closed 2.8 percent lower on Tuesday. | HSBC shares trading in Hong Kong closed 2.8 percent lower on Tuesday. |
| The bank is the latest company to shed light on the impact of the fast-moving virus that has gripped China over recent weeks and led to a near nationwide economic standstill. While parts of the country are getting back to work, the reopening of business operations for many companies has been slow. | The bank is the latest company to shed light on the impact of the fast-moving virus that has gripped China over recent weeks and led to a near nationwide economic standstill. While parts of the country are getting back to work, the reopening of business operations for many companies has been slow. |
| On Monday, Apple cut its sales expectations for the quarter and warned of the impact on the global supply chain. | On Monday, Apple cut its sales expectations for the quarter and warned of the impact on the global supply chain. |
| “Parts of our business are not delivering acceptable returns,” said Noel Quinn, chief executive of HSBC. | “Parts of our business are not delivering acceptable returns,” said Noel Quinn, chief executive of HSBC. |
| The bank reported a 33 percent fall in profit before taxes last year compared with the previous year, in part because of a so-called good will impairment of $7.3 billion. Mr. Quinn took the helm after the surprise resignation of John Flint as chief executive in August. | The bank reported a 33 percent fall in profit before taxes last year compared with the previous year, in part because of a so-called good will impairment of $7.3 billion. Mr. Quinn took the helm after the surprise resignation of John Flint as chief executive in August. |
| Updated June 22, 2020 | |
| A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. | |
| The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. | The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. |
| The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. | The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. |
| States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. | States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. | If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. |
| The bank has already begun an overhaul that involves cutting back operations in the United States and Europe, Mr. Quinn said. | The bank has already begun an overhaul that involves cutting back operations in the United States and Europe, Mr. Quinn said. |
| Months of pro-democracy protests in Hong Kong “weighed on the local economy and caused significant disruption,” he said. The protests have pushed Hong Kong’s economy into recession as businesses that once thrived from mainland tourism have taken a hit. | Months of pro-democracy protests in Hong Kong “weighed on the local economy and caused significant disruption,” he said. The protests have pushed Hong Kong’s economy into recession as businesses that once thrived from mainland tourism have taken a hit. |
| Alexandra Stevenson reported from Hong Kong, and Michael J. de la Merced from London. | Alexandra Stevenson reported from Hong Kong, and Michael J. de la Merced from London. |