HSBC's payments app closure puts around 400 jobs at risk, source says
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HSBC is closing its international payments app Zing, which may result in around 400 job losses. This move is part of CEO Georges Elhedery's cost-cutting strategy at Europe's largest bank.
January 23, 2025 | 9:15 am
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HSBC is closing its Zing payments app, potentially leading to 400 job losses. This is part of a broader cost-cutting strategy by CEO Georges Elhedery.
The closure of the Zing app is a direct result of HSBC's cost-cutting measures. While this may improve financial efficiency, the immediate impact on stock price is neutral as it primarily affects internal operations rather than market-facing activities.
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