HSBC Produces 35,000 Jobs and Participation in Digital Finance

According to HSBC’s executive unveiled a plan to remove 35,000 jobs before end of 2022 and investing in digital finance.

HSBC’s plan over the next three years is to reduce staff and branches to facilitate operations by investing in technology. Noel Quinn, the group’s chief executive mentioned:

“In Retail Banking, we will expand our products offering and increase our investment in digital. We’ll refocus our Retail Banking presence to serve globally mobile clients, reducing our branch network in the US by around 30%. […] We will also continue to invest in the digital systems and solutions that will improve the service we offer our clients.”

$ 20 billion in assets transferred to Digital Vault

In their previous indication, the bank applying a new block chain-based security platform known Digital Vault by March 2020.

They transfer $ 20 billion assets to the platform and digitize paper-based private placement to accelerate the standardization and processes.

HSBC has developed itself to accommodate to the ever-changing changes in the banking industry

In 2017, the bank assigned an advisory, ways to cope disruptive technologies to save costs.

Source: cointelegraph.com

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