Banking giants are in trouble and it’s starting to show. Key players in the industry have already announced massive job cuts and executives with hefty salaries have been dismissed. HSBC, the largest bank in Europe, has revealed it plans to lay off over 4,000 employees and Citigroup is preparing to shrink its trading staff slashing hundreds of jobs. They are joining other global brands in a wave of layoffs hitting the unstable banking sector.

Also read: More Signs the Next Big Financial Crisis Begins in Germany

HSBC Confirms up to 4,700 Layoffs

London-based HSBC, which is the seventh largest bank in the world, is ready to discharge up to 4,700 employees this year, the financial institution confirmed recently. The news comes after the sudden departure of the bank‘s chief executive officer.

John Flint stepped down “by mutual agreement with the board” only a year and a half after his appointment. Noel Quinn, currently responsible for HSBC’s commercial banking, will be the group’s interim CEO serving as Director of HSBC…

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