HSBC to Shut Down Payments App Zing, Putting Around 400 Jobs at Risk – Source

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LONDON, Jan 23 – HSBC has decided to shut down its international payments app, Zing, potentially leading to around 400 job losses, according to a source familiar with the matter. The move comes as CEO Georges Elhedery intensifies cost-cutting efforts at Europe’s largest bank.

Affected employees will be notified starting Thursday, the source said, noting that the approximately 400 at-risk jobs include a significant number of external customer support staff who are not directly employed by HSBC.

An HSBC spokesperson declined to comment. Launched just a year ago, Zing was designed as a mobile platform for cross-border payments, aiming to compete with fintech rivals like Revolut and Wise by offering lower transaction fees. Initially targeting UK-based customers, the app complemented HSBC’s Global Money service for its international Wealth and Personal Banking clients and sought to attract non-HSBC customers to broaden the bank’s user base.

However, management’s enthusiasm for expanding Zing has diminished since Elhedery took over as CEO in September, the source said. After serving as HSBC’s chief financial officer for a year, Elhedery replaced Noel Quinn and has since been leading a major restructuring effort focused on reducing costs, sharpening the bank’s strategic focus, and enhancing performance accountability. Further investment in Zing was deemed an inefficient use of capital, the source added.

In recent weeks, a wave of senior managers has departed HSBC as part of Elhedery’s push to create a leaner, more agile organization. Additional lower-level job cuts are also expected in the first quarter as the bank seeks to counter economic challenges, including lower interest rates, China’s economic slowdown, and geopolitical tensions.

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