HSBC’s east-west split
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 23 October 2024
⏱️ 11 minutes
🧾️ Download transcript
Summary
Deloitte has cut about 250 UK employees and HSBC’s chief executive has announced an overhaul of the bank. The IMF has warned global protectionism will endanger the world’s growth outlook, as a possible Donald Trump victory in the US election raises the prospect of tariff increases. Plus, South Korea has called on Russia to stop the deployment of North Korean troops to fight in Ukraine.
Mentioned in this podcast:
Deloitte axes 250 UK employees in performance-related cull
HSBC chief Georges Elhedery unveils sweeping overhaul of lender
Tariff surge would damage global growth, IMF warns
South Korea asks Russia to stop apparent North Korean troop deployment
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The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At Aquinore. |
| 0:11.0 | Good morning from the Financial Times. Today is Wednesday, October 23rd, and this is your |
| 0:18.5 | FT news briefing. Jobs are on the chopping block at another big four firm and |
| 0:25.2 | H.S. B.C. is reshuffling its business. |
| 0:29.2 | Plus South Korea is accusing Russia of sending North Korean soldiers to fight in Ukraine. |
| 0:35.0 | The question now is, well, Russia is escalating the conflict and so how are the |
| 0:42.0 | Western powers going to respond. I'm Sonia Hudson and |
| 0:45.9 | here's the news you need to start your day. Deloitte has cut jobs again. The accounting firm laid off 250 UK employees in recent weeks. |
| 1:08.0 | That's what sources told the FT. It's at least the third time the company has axed staff in the past year or so. |
| 1:16.0 | That's because of a global dip in demand for consulting services after they shot up during the pandemic. |
| 1:23.6 | Deloitte reported a sharp slowdown in sales during its latest financial year. |
| 1:29.2 | And it's not alone in having to make difficult choices, KPMG, EY, and P. W. W.C. W. C. M. G. E. Y. and P. W.C. have also slashed head count in the past year to cope with the slowing market. |
| 1:45.0 | H.S.B.C. is overhauling its operations. |
| 1:47.0 | The bank has listings in both Hong Kong and London, and now its chief executive |
| 1:56.0 | George Al-Heterie wants to separate the East from the West. |
| 2:00.9 | He says the new structure would take effect at the beginning of next year and would make the bank more agile and dynamic. |
| 2:08.0 | Kay Wiggins is the FT's Asia Financial correspondent and she joins me now. |
| 2:12.0 | Hi Kay. Asia Financial Correspondent and she joins me now. |
| 2:12.6 | Hi Kay. |
| 2:13.8 | Hi. |
... |
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