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HSBC, Standard Chartered and NatWest need to slash 150,000 jobs to bolster returns, analysts warn

The 36-page report, by analysts at Barclays, portend what is likely to be a painful period of restructuring for the lenders in the wake of Covid-19

By

Paul Clarke

NEW YORK, NEW YORK - JUNE 17: Scene of an HSBC branch on Wednesday, June 17, 2020. According to Reuters news agency, HSBC, the biggest bank in Europe plans to eliminate 35,000 jobs worldwide, as it continues to struggle with the impact of the coronavirus. The value of HSBC stock has fallen by over 25% since the onset of the pandemic. (Photo by Joana Toro/VIEWpress via Getty Images)
NEW YORK, NEW YORK - JUNE 17: Scene of an HSBC branch on Wednesday, June 17, 2020. According to Reuters news agency, HSBC, the biggest bank in Europe plans to eliminate 35,000 jobs worldwide, as it continues to struggle with the impact of the coronavirus. The value of HSBC stock has fallen by over 25% since the onset of the pandemic. (Photo by Joana Toro/VIEWpress via Getty Images) Photo: Getty Images

UK banks including HSBC, Standard Chartered and NatWest would need to cut over 150,000 jobs in order to hit a 10% return on equity in the next three years, according to new analyst estimates.

The 36-page report, by analysts at Barclays, portend what is likely to be a painful period of restructuring for the lenders in the wake of Covid-19.

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