AM I NEXT? IS THE HANDWRITING ON THE WALL AT HSBC

Am I Next? Thousands of Jobs at risk at HSBC.

London, United Kingdom-based HSBC, parent to HSBC Bank USA, has announced the departure of CEO John Flint and signaled its intention to eliminate thousands of jobs to compensate for “an increasingly complex and challenging global environment.” HSBC Bank USA is still operating in turnaround mode.

According to published reports, “HSBC’s finance director Ewen Stevenson said up to 2% of the bank’s 237,685 employees could lose their jobs. He said the cuts, aimed at shaving up to 4% off HSBC’s wage costs, target senior roles and will come from a mix of layoffs and attrition as people leave for other jobs. HSBC said severance costs this year would be $650 million to $700 million, saving it around that much annually going forward.”

In a statement to the financial media…

“On outlook, we continue to progress towards our 2020 return on tangible equity target, but the interest rate outlook has softened relative to the first quarter, and geopolitical risks have heightened across many of our major markets. In response to this we’re actively managing costs and investment growth in order to respond to a more challenged revenue outlook.”

“However, one priority where we’re not on track is the turnaround of our US business. While good underlying progress has been made on costs and capital – costs were down 7% in the second quarter relative to the second quarter in 2018 and we got CCAR approval to dividend a further $1.8 billion of capital back to the Group ‒ the US revenue outlook has become more challenged in recent months. There’s been a sizable shift in US dollar interest rate expectations, so we’re now not expecting to achieve a 6% return on tangible equity in 2020. But we recognize that current returns in the US are not acceptable, and it remains a firm priority of ours to improve these.”

Look for the pace of turnaround changes to HSBC Bank USA under the guidance of the recently hired Michael Roberts, Citigroup’s 34-year veteran who served as Citigroup’s chief lending officer and global head of corporate banking and capital management.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT INTEGRIS HEALTH

Am I Next? Integris Layoffs — 171 employees in an effort to reduce costs.

Oklahoma City-based Integris Health, Oklahoma’s largest not-for-profit and state-owned health care system, has announced that they have laid off 171 corporate and non-clinical employees in a system-wide reduction in force.

According to a company spokesperson, ““Health care continues to be a dynamic industry that requires health systems like INTEGRIS to transform and adapt to market realities. INTEGRIS is committed to getting in front of the challenging market dynamics to ensure INTEGRIS stays well positioned for the future. At the beginning of our fiscal year, we determined several adjustments were necessary. As of today, we are eliminating 171 positions – most of which are corporate, non-clinical positions. Although this reduction represents only 1.6% of our 10,400-caregiver workforce, we recognize it has real impact. When a position is eliminated, every effort is made to match the outplaced individual to an open INTEGRIS position. Where no match exists, we provide resources and assist in locating another employment opportunity. INTEGRIS continues to be well positioned but we must focus our resources on patient care services to ensure our patients and families can continue to depend on us in their time of greatest need.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE -- LAYOFFS AT BOEING INSITU

Am I Next. Layoffs at Boeing Insitu.

Bingen, Washington-based Insitu, a Boeing subsidiary that designs, develops and manufactures unmanned aerial systems, has announced a fifteen-percent reduction in force, approximately 200+ positions, in response to reduced demand in an increasingly crowded sector. It also appears that the company’s failed to capture the Army’s business in a drone fly-off in which the company’s offering crashed multiple times. Employees cite quality control issues, premature release of the product, and a cost issue as being problematical.

A company spokesperson noted, “This was not an easy decision. Our market has become more challenging, and with that we’ve seen an increased need to reduce costs. Changes in our competitive landscape require us to do more with less. Employees will receive 60 days’ warning before losing their jobs and some will have an opportunity to take jobs elsewhere with Boeing.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?