The cuts come on top of a 4,700-person reduction announced in August. The bank’s current headcount is about 238,000.(Financial Times)

Talking point: Global banks are shedding staff rapidly this year. In August, Deutsche Bank said it would eliminate 18,000 people. In September, Commerzbank announced plans to cut 4,300. All told, cuts announced by banks around the world prior to the HSBC news were around 60,000 in the first nine months of 2019. Many of the cuts are in Europe, where banks are up against a slowing economy and negative interest rates. HSBC’s European division, for example, lost £520 million in the first half of 2019, the only region to record a loss. Economic conditions are only part of the story. Automation will allow U.S. banks to cut 200,000 jobs in the next decade, according to a report from Wells Fargo. Canadian banks aren’t seeing the deep cuts of their European counterparts, but it’s unclear whether they’re as poised to benefit from technology as U.S. firms, either. American banks are spending US$150 billion annually on technology. RBC, Canada’s biggest bank, announced a plan to spend $3.2 billion last year.