On Wednesday, according to an internal memo, HSBC plans on reviving its massive redundancy plan of trimming its workforce. It plans on cutting 35,000 jobs over the medium term, reads the memo.

It will also maintain a freeze on almost all external recruitment, said HSBC CEO Noel Quinn in the memo which was sent to its 235,000 staff across the globe.

“We could not pause the job losses indefinitely – it was always a question of ‘not if, but when’,” said Quinn.

HSBC’s spokeswoman has confirmed the contents of the memo.

The development comes at a time when HSBC’s profits have taken a hit and midst a gloomy economic forecast, said Quinn while adding, he has asked senior executives to look at ways to cut costs in the second half of 2020.

Since the n of March, HSBC’s shares have fallen by 27%, with the Wuhan virus forcing the bank to allocate $3 billion in bad loan provisions from its first quarter earnings.

“The reality is that the measures and the change we announced in February are even more necessary today,” said Quinn.

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