- HSBC said it had postponed a redundancy programme due to the Covid-19 crisis, holding up key component of its transformation strategy.

The bank also reiterated that it would review its dividend policy ahead of its year-end results for 2020, having cancelled payouts in line with other British lenders.

'Many of our transformation plans are now underway, but given the Covid-19 pandemic, we have suspended some of those plans in the interests of our people and our customers,' chief executive Noel Quinn said in AGM speech notes.

'It would not have been appropriate to proceed with some of our job reduction programmes in the middle of the current crisis.'

'It would have created an unwarranted operational risk for the business at a time when we want our colleagues focused on supporting our customers, and it would have created further uncertainty for our people during what is already a challenging time.'

'Those directly affected would also have been put in a very difficult personal situation with regard to seeking new employment.'

'We have therefore paused the vast majority of redundancies associated with this programme where notices have not already been issued.'

At 2:16pm: [LON:HSBA] HSBC Holdings PLC share price was -2.95p at 407.35p

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