App Closed, Over 400 Jobs At Risk In This Bank - Details

HSBC has decided to close its international payments app, Zing, as part of CEO Georges Elhedery’s cost-cutting strategy. The move is expected to result in approximately 400 job losses, including non-HSBC customer support staff. Employees at risk of redundancy will be informed starting Thursday.

"Following a strategic review of Zing within the HSBC Group and after careful consideration, we have made the decision to close Zing and integrate its underlying technology platform into HSBC," a spokesperson for the bank said in a statement to Reuters. 

SSBC Payment App Shutdown: Reason

In a statement, HSBC explained that the decision followed a strategic review of Zing, with plans to integrate its underlying technology into the bank's operations. The focus is now on areas where HSBC has a competitive advantage and the greatest growth potential.

According to the source, further investment in Zing would be a wasteful use of capital. A flood of senior executives have already left HSBC in recent weeks as Elhedery strives to construct a simpler and more vibrant organization.

"HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage, and where it has the greatest opportunities to grow and support our clients," the statement said to Reuters.

SSBC Payment App : Details 

Launched just a year ago, Zing was designed for cross-border payments, targeting UK customers and competing with fintech rivals like Revolut and Wise. It also aimed to complement HSBC’s Global Money product and attract non-HSBC customers. However, interest in expanding Zing has diminished under Elhedery’s leadership.

Since taking over as CEO in September, Elhedery has prioritized streamlining costs, tightening HSBC's strategic focus, and improving performance accountability. The closure of Zing reflects his broader efforts to optimize the bank's operations while scaling back less competitive ventures.