Whether you like your job or not, losing it is always a negative experience. To live through this stressful period is anything but simple. Moreover, only the fortunate can find a proper job in the future. A similar fate awaits many employees of the British financial conglomerate HSBC.

The company plans to lay off up to 10,000 staff, that is above 4% of its workforce. Analysts suggest two possible reasons of why it is happening. These are change of the  management and decrease in production costs.

According to financial expert Alex Wong, the cuts would mostly affect high paid employees. HSBC management believes these workers do not exactly benefit the company while its income is on the edge of falling. It is likely that leading sales managers will hold their positions while the number of already minimized administrative personnel will shrink even further.

Currently, HSBC employs 238 thousand permanent workers and has branches in many countries. Therefore, the number of staff is taken into account in all offices.

In August this year, Noel Quinn was appointed as interim Chief Executive declaring a reduction in salary costs. A possible reason for layoff in HSBC could be some experts’ negative outlook. In 2019, the company's financial performance was deteriorated amid the US-China trade conflict, protests in Hong Kong, Brexit uncertainty, and monetary policy easing by the world's central banks.