Hong Kong (AFP)

British banking giant HSBC is preparing to cut 10,000 new jobs, according to the Financial Times on Monday, two months after the surprise departure of his boss and a first announcement of 4,000 job cuts, facing the many challenges between trade war, Brexit and low rates.

These new layoffs are mainly in high-paying positions and are part of a new cost-cutting campaign led by new boss Noel Quinn. He succeeded John Flint, who left early August.

"We have known for years that we need to do something about our operating costs, the most important component of which concerns employees," said an unnamed source quoted by the business daily. "There is a very difficult modeling going on, and we wonder why we have so many people in Europe when we have double-digit returns in some parts of Asia."

In early August the London-based bank announced the sudden departure of its CEO John Flint after only 18 months in office, without giving any specific reason for this decision. At the same time, it had revealed that it would cut about 4,000 jobs, mostly executive positions, as part of a new restructuring to cope with the global turmoil.

Despite these alarmist announcements, its net profit released in the first half of the year rose 18.6% over the previous year to $ 8.5 billion. The bank is expected to release its third quarter results at the end of the month.

Other big banks are also trying to reduce their costs.

US investors JPMorgan Chase and Wells Fargo, in particular, have revised down their interest-rate expectations for 2019, as central banks around the world ease monetary policy in response to weaker global growth prospects .

Lower interest rates mean less profits on bank loans, especially if they have offered higher returns on deposits to attract customers. And last month, Commerzbank, the second-largest German lender, said it planned to cut the equivalent of 4,300 full-time jobs, one-tenth of its workforce, and close 200 branches as part of its restructuring.

Deutsche Bank announced 18,000 job cuts and Societe Generale 1,600.

© 2019 AFP