HSBC announced on Tuesday that it has paused plans to cut 35,000 jobs, saying it does not want to leave staff unable to find work elsewhere during the coronavirus pandemic.
The bank announced the cuts in February as part of a massive cost-cutting programme, BBC reported.
But boss Noel Quinn said the “the vast majority” of redundancies would now be put on hold due to the exceptional circumstances.
“The economic impact of the COVID-19 pandemic on our customers has been the main driver of the change in our financial performance,” Quinn was quoted as saying by the BBC.
Pre-tax earnings for the first three months came in at $3.2bn (£2.6bn), down from $6.2bn a year ago.