the financial times report stresses that new interim chief executive noel quinn wants to make his markcontinue hiring revenue generating staff in high—growth regions in asia, where there are double—digit returns, and reduce the europe headcount. sally, it isn't just hsbc encountering problems. you also have a number of major global banks slashing costs and jobs this year due to growing political uncertainty at a low interest rates. in august, jim uncertainty at a low interest rates. in august,jim and uncertainty at a low interest rates. in august, jim and linda josh bank revealed plans to cut 18,000 jobs across its global offices. —— german linda josh bank. we also have ba rclays, linda josh bank. we also have barclays, society general and citigroup also announcing job cuts this year. —— german lender deutschbank. now, let's brief you on some other business stories. talks to resolve a damaging strike at the us car giant gm have broken down. negotiations between general motors and the united auto workers union stalled on sunday, with diagreement over pay and job security. so far the str

what would be wrong with keeping noel quinn on? sree: there does not seem to be much of a downside.ironment where there is a lot of positions at the very top of these banking saw how the -- you search for wells fargo ceo took a very long time. this is something -- the kind of thing shareholders do not want a search process to drag on for months and months. not one but to have two capable internal candidates. one being mr. quinn and the ewen you and stevenson -- stephenson, very much in the mold of the aggressive cost cutter, who has been talked about as a potential candidate to succeed john flint. guy: what kind of jobs are we talking about that will be cut? sree: the jobs that will be cut? 4000 to 8000 of the jobs on the --le to be cut will happen may happen through the sale of hsbc's french retail bank operations. it would not be as much as a wholesale. it will be a trap for payroll from hsbc to whoever the acquirer is. it is not the people are getting pink slips. guy: less dramatic. maybe the pink papers headline first thing this morning. sree: the other job cuts will be in the f

tough next quarter and the following quarters and you have chairman mike tucker and acting ceo noel quinnssure to basically show investors how the bank plans to manage these issues while still boasting growth in asia which makes up boasting growth in asia which makes up more than 70 pet that 70% of its revenue. we are understanding what impact it has as far as bankruptcies in hong kong. that is a strategic move but the issue at hand is what goes on as far as negative rates and low interest rate environment and learning capacity for banks globally. is the strategic move cost—cutting? will that globally. is the strategic move cost—cutting ? will that be reinforced? you could see a job cut and they could be more across these quarters moving forward so job cuts area quarters moving forward so job cuts are a way to move and ahead count to construct balance sheet so this could be as far as hsbc and many other banks, cutting headcount globally. there are reports that hsbc made stock trading in some developed western markets and attempt to sell its french retail bank which will definitely lead to

basically, noel quinn has said they need to symbol if i the bank.id they need to simplify the bank. anna: thanks very much for joining us. lvmh is offering to buy tiffany. sources say the approach was made earlier this month. that would expand the luxury group's access to u.s. shoppers. joining us, a senior analyst at bloomberg intelligence. what is it exactly about tiffany that would add to the already vast staple? certain in ther u.s., and also when we think about how they are doing in terms of the lower entry luxury price points. gifting diamond selections would really add to what lvmh already has. size of theify the jewelry segment. how likely is this deal to go through, or is lvmh going to have to come back with a sweetened offer? deborah: we did some digging, and if we look at lvmh's acquisition in 2011, it was 23 times. this looks to be 14 times. it is a bigger brand, more mature. certainly, they have the capacity on balance sheet, free cash flow annually, even after the recent april deal in hotels. we just talked about hsbc and the damage th

the latest cuts are said to be part of interim ceo noel quinn's ambitious campaign to reduce costs across the story. police in kansas city say four people have been killed in a shooting in a bar in the early hours of sunday morning. five others are reported to have been injured; their condition is described as stable. police say details of the incident are still sketchy, and that they have made no arrests. he has presided over an economic swing. the centre—right social democratic party came second in these portuguese elections. catholics in the philippines have marked world animal day celebrations by taking their pets to mass. the flock looked more like a pack at this manilla church, as dog—owners held up their pets to be blessed. squirrels and cats were also among those to receive blessings. world animal day coincides with the feast of st francis of assisi, the patron saint of animals. let's return now to our main story, the continuing protests in hong kong following the introduction of new laws which have banned the use of face coverings at demonstrations. chi—jia tschang is the senior

the latest cuts are said to be part of interim ceo noel quinn's ambitious campaign to reduce costs acrossking no comment on the story. portugal's governing socialist party has won the most seats in the country's general election but not enough to control parliament. the prime minister antonio costa said he would continue to cut the budget deficit and the country's debt. since taking office four years ago, mr costa has presided over an economic upswing, and reversed cuts to public sector wages and pensions. the centre—right social democratic party came second. iraq's interior ministry has confirmed 104 people have been killed in less than a week of anti—government protests. around 6,000 have been injured. the united nations has called for an end to the quote "senseless loss of life". it's the deadliest unrest in iraq since the islamic state group was declared defeated in 2017. here's our middle east editor, jeremy bowen. the iraqi security forces are opening fire at demonstrators. that's why so many people have been killed. the use of deadly force as well as tear gas and other methods can

the latest cuts are said to be part of interim ceo noel quinn's ambitious campaign to reduce costs acrosstory. portugal's governing socialist party has won the most seats in the country's general election, but not enough to control parliament. the prime minister, antonio costa, said he would continue to cut the budget deficit and the country's debt. since taking office four years ago, mr costa has presided over an economic upswing, and reversed cuts to public sector wages and pensions. the centre—right social democratic party came second. the british foreign secretary, dominic raab, has urged the united states to reconsider its decision to let a diplomat‘s wife leave the uk after she was involved in a fatal car crash. british police say the american woman, who has been named as anne sacoolas, is being treated as a suspect in their investigation into the death of a 19—year—old motorcyclist, harry dunn, in august. they say they'd been prepared to arrest and formally interview her. the woman claimed diplomatic immunity and left the country. harry's mother, charlotte, appealed to the american

noel quinn plans to restructure the bank. facebook's libra continue to run into roadblocks and regulatory backlash from governments worldwide while the team pushes on words key members of the libor association are having doubts and dropping out pay pal is the 1st company to officially drop out and rumors are that visa and master card are uncertain about the project's ultimate feasibility the libor association have been made up of 28 corporate backers who are meant to help govern libra all founding members were expected to invest a minimum of $10000000.00 to fund the operating costs and drive adoption but those investments have not yet been made this does not bode well for facebook as many of libras backers are wary of attracting regulatory scrutiny and have declined facebook's request to publicly support the project with more we're joined by all the managing partner of the blog chain founders fund so 8 ali it looks like being a 1st mover to make a big splash in the space is attracting a lot of unwanted attention so you have f

how much of it is noel quinn's attempt to make his mark and claim the long-term permanent job for himself>> it makes an awful lot of sense. it is the only game in town cost-cutting at the moment. what are they going to do with the u.s.? you are going to sell it because it is such a low business. he's doing all the things he can do. he has the clear mandate. his hands are somewhat tied. anna: what does that mean for the european business? pain.means quite a lot of we know with the disposal in tonce, that is probably 3000 4000. i don't know whether that's included in the additional 10,000. we will get more clarity, but at the moment, unfortunately, this number will continue to fall, headcount wise. they are playing catch-up against falling revenues. anna: thanks very much. the latest news reporting around hsbc and what that means for analyzing the banking sector. sticking with the hong kong theme, hsbc has a large presence, hong kong is leo -- is really from one of the most violent weekend since protests began in june. the order to ban facemasks did little to deter protests. another protest

are we clear what noel quinn, who is the interim chief executive, what he is planning?tly what the next steps will be. these results are quite gloomy and they underline the fact they do need to take some serious action to get a grip on the bank. what you think this will involve? will it be edging itself more towards rebalancing the business in and leaving more of the developed west behind? that is more likely what we will see because the losses in europe were large, profits in asia were very strong, so with that very strong they will be looking to rebalance more towards asia and away from europe and the us. thank you forjoining us. in other business stories we've been following... pigs in blankets and otherfestive meal treats might be in short supply this christmas. the british meat processors association says 60% of the labour force in uk meat plants comes from other countries and the industry is not attracting enough seasonal eu workers. its chief executive, nick allen, told the bbc that wrapping cocktail sausages in bacon was done by hand. he said the job was "fiddly

we are moving to a new phase under their interim chief executive officer noel quinn and what he wants a handle on the cost base of this bank. tom: the cost base of the bank, is that a retail bank in continental europe? is it the romance of investment bankers dashing around the pacific rim? which part is the debris of the american experiment 10 years ago? which part of the hong kong and shanghai banking will be hit hardest? harry:harry: i think you are looking at europe and particularly continental europe to place from citibank. we are really looking at continental europe. in most part, we are looking at the french retail bank. francine: how much of this is a banking crisis? like quite a big number or is it a new chief executive with a more aggressive stance to get out front? harry: the last chief executive was in part ousted. so the new guy basically -- or the temporary new guy, has really got a mandate to get going on the cost and do what his predecessor had done, which is get the number of staff down. francine: doesn't make sense for them to hold onto the french business? or should