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Bailey Floats London 2020 If Coronavirus Outbreak Disrupts The BUSINESS WITH PERSONALITY ALL THAT GLITTERS? WHY CRYPTO A.M. AWARDS MEET THE FINALISTS GOLD IS SET TO SHINE IN AN IN OUR INAUGURAL 2020 UNCERTAIN MARKET P20 AWARDS LINE-UP P12–13 WEDNESDAY 19 FEBRUARY 2020 ISSUE 3,559 CITYAM.COM FREE Jobs figures quieten calls for rate cut JAMES BOOTH @Jamesdbooth1 STRONG UK jobs figures released yesterday are likely to bolster the case for the Bank of England (BoE) to hold interest rates steady next month, economists said. A total of 180,000 people entered the workforce between October and December 2019, the Office for National Statistics said, as it also revealed that real earnings finally crept above their pre-crisis high in 2008. That took the number of employed people to a new AXE TO FALL AT record high of 76.5 per cent, 0.4 percentage points higher than the previous quarter. The unemployment rate of 3.8 per cent remained at its joint-lowest level since 1975. However, wage growth slowed to 2.9 per cent, the CANARY WHARF HQ weakest gain since the three ANNA MENIN giant yesterday announced plans across the entire group. a revised plan to increase returns months to August 2018. @annafmenin to shed $100bn (£77bn) of assets Under the plans, the lender will for investors,” which he said would Investec’s Victoria Clarke and cut annual costs by $4.5bn in merge its private banking and be executed “at pace”. said the data “is likely to leave HSBC is set to make “meaningful” the next three years. wealth management divisions, HSBC has struggled to keep up the Monetary Policy job cuts that will hit the firm’s The restructuring will go ahead axe European stock trading, with leaner and more focused Committee sitting relatively investment bank and senior despite the fact the banking giant and slash US retail branches by competitors in recent years, comfortably in... pause mode”. management ranks in Canary still has no permanent chief almost a third. and is grappling with a host of Monex analyst Ranko Berich Wharf as part of a global cull. executive, a situation one analyst HSBC did not announce a global challenges. said a rate cut was unlikely to The firm yesterday confirmed it described as “perverse”. headcount reduction target, but Under the plan, unveiled happen unless “the burst plans to slash around 35,000 jobs “There will be meaningful job interim chief executive Noel Quinn alongside its annual results, the of business optimism seen at worldwide as part of a radical cuts in the UK,” said chief financial told reporters: “We would expect lender will try to cut costs at the the start of the year suddenly strategy overhaul, with the officer Ewen Stevenson. our 235,000 staff to be closer to top by combining oversight of evaporated.” bank’s London headquarters in He said headcount reductions 200,000 by 2022”. different divisions and Fidelity’s Tom Stevenson the crosshairs. would also be made across HSBC’s “Parts of our business are not geographical areas into fewer roles. said that with chancellor In its most drastic overhaul since divisions in Europe and the US, as delivering acceptable returns,” said Rishi Sunak under pressure to the financial crisis, the banking well as a broader cost-cutting plan Quinn. “We are therefore outlining £ CONTINUES ON P5 spend, the Bank was likely to remain “sitting on its hands”. Bailey floats London 2020 if coronavirus outbreak disrupts the Tokyo Olympics EXCLUSIVE Sadiq Khan added London would “Given the ongoing disruption celebration again, if we are called Olympic Committee said there was ANDY SILVESTER “step up to the plate” if asked. caused by the coronavirus on in an hour of need.” no “plan B” but remained @silvesterldn The jamboree is due to begin in outbreak, I urge the Olympic Former sports minister Tracey confident the games would start Tokyo in July, but sporting events Committee to seriously consider Crouch said it would be “perfectly on time. CONSERVATIVE mayoral candidate across Asia — including the Tokyo how London could stand ready to possible with a touch of creative A spokesman for Khan told City Shaun Bailey has said the Summer marathon and the Chinese Grand host the Olympics should the need thinking” to host the event. A.M.: “Everyone is working towards Olympics and Paralympics could be Prix — have been disrupted or arise,” Bailey said. “Most of the infrastructure is what will be a fantastic Tokyo hosted in London if the Games are cancelled as a result of the Covid- “We have the infrastructure and already in place and ready to go; Games. In the unlikely event that it forced to move due to the 19 virus. The disruption has the experience, and if I am elected and it doesn’t all need to be in be required, London, as it has done coronavirus outbreak. prompted fears that the Olympics I will make sure London is ready to London,” she added. throughout history, will do its best A spokesman for current mayor could also fall foul of the outbreak. host the biggest sporting Last week the International to step up to the plate.” FTSE 100 ▼ 7,382.01 -51.24 FTSE 250 ▼ 21,678.46 -147.88 DOW ▼ 29,232.19 -165.89 NASDAQ ▲ 9,732.74 +1.57 £/$ ▲ 1.302 +0.001 £/€ ▲ 1.204 +0.003 €/$ ▼ 1.082 -0.002 02 NEWS WEDNESDAY 19 FEBRUARY 2020 CITYAM.COM SHIVER ME TIMBERS Wooden high-rises underway in British Columbia as Canada rolls out new plans for timber skyscrapers THE CITY VIEW Reforms leave a large question unanswered OEL Quinn may only be an interim chief executive at HSBC but there’s nothing temporary about the sweeping Nchanges he announced yesterday. The dramatic reduction in headcount goes further than the 10,000 figure he floated in October last year, when he said “there is scope throughout the bank to clarify and simplify roles.” Now we have a clear and simple figure: 35,000 jobs will go by 2022 — with the axe poised above the bank’s Canary Wharf tower and the investment banking operation. HSBC has 235,000 employees around the world and cites a staff turnover of around 25,000 a year. Some of the cuts will come by not filling vacated roles, but there will also be a significant cull — something likely to weigh on the minds of the bank’s London staff as well as those in the WORKERS at a mass-timber construction site in north Vancouver nailed in Canada’s nationwide project to build more wooden troubled US retail operation. There’s also an expectation that, in high rises, as the country’s federal building code is set to allow buildings made of wood to reach heights of up to 12 storeys. time, technology will take on a Vancouver has unveiled plans for a 40-storey Canada Earth Tower that would be the world’s tallest wooden building if approved. larger amount of the work currently performed by humans. The bank is far from alone in struggling to hold its Many in the City were own against US investment bemused that HSBC’s banking giants and, given Asia Government’s work visa now accounts for around half announcements of its revenue (and the lion’s didn’t include share of its profits) the pivot confirmation of a east makes clear commercial new CEO overhaul irks businesses sense. Put simply, “the world’s local bank” is going to look a bit more regional in the years ahead. Analysts were, on the whole, supportive of the measures CATHERINE NEILAN salary and skills thresholds have been announced by Quinn. His strategy goes far beyond tinkering and WORK VISA SYSTEM: @CatNeilan lowered — from an average of £30,000 could go some way to addressing one of HSBC’s longstanding WHAT’S CHANGING? to £25,600, and from graduate to A issues: its sprawling bureaucracy. Veteran City-watcher David EMPLOYER groups are already pushing Level equivalent, so that industries back after being warned that the UK’s such as construction don’t suffer a Buik described the bank as “gargantuan and unwieldy” in a note new work visa system will not be “busi- £ The UK’s points-based system sudden skills gap. yesterday, and Quinn would probably agree. However, bringing ness as usual” . will be introduced from 2021 The system will also allow migrants clarity to the organisation should start with the top job, and British Chambers of Commerce head £ The system expands the current to “trade” points so that workers in many in the City were bemused that yesterday’s announcements Adam Marshall last night warned that point-based work visa system used areas where there is a shortage — such the UK’s “critical labour shortages” for non-EU workers to all countries. as nurses — could qualify for a work didn’t include ditching the word interim from Quinn’s title. meant businesses still need access to £ Applicants must gain 70 points visa even on a lower salary. Colin McLean of SVM Asset Management said the current workers at all skill levels, while the visa £ Skilled workers’ salaries must be The government is keen to move arrangement “puzzles the market” while Goodbody analyst John application process needed to be “rad- the higher of £25,600 or the going away from businesses being “reliant ically simplified”. rate for their occupation. on cheap EU labour”, one government Cronin went further, saying he was “staggered” Quinn wasn’t Home secretary Priti Patel will today £ Skills threshold will be dropped official said, meaning hospitality staff, confirmed in the chief executive role. Officially, HSBC aims to add more detail to plans for expanding from graduate to A level-equivalent factory workers and cleaners will make a permanent appointment within the next six to 12 the points-based work visa system to £ All applicants must have a job no longer be able to work in the UK, months, but given the scale of the reforms announced yesterday, include EU migrant workers — which offer, be at this skill level and speak unless they have settled status.
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