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HSBC is set to cut 35,000 jobs globally, amidst a trend of widespread layoffs affecting companies across major economies, including India. This reflects a growing crisis in the job market as the global economy edges toward recession. Job cuts are occurring as last year's cost-cutting announcements lead to significant layoffs this year. Factors such as Brexit, the US-China trade war, and the coronavirus pandemic are contributing to the decline in job availability. Nearly 50 banks worldwide are expected to collectively lay off over 75,000 employees, with Deutsche Bank planning to cut 18,000 jobs and JP Morgan Chase expecting to dismiss hundreds this year after previously laying off around 7,000.
