CEO Noel Quinn said in a letter to staff Wednesday that HSBC (HBCYF) needs to “lift the pause” on job losses and reduce its global headcount by roughly 15% to 200,000 over the next three years.

“You will have seen that our profits fell in the first quarter, and virtually all economic forecasts point to challenging times ahead,” Quinn said in the letter, which was shared with CNN Business and first reported by Reuters. “The reality is that the measures and the change we announced in February are even more necessary today. We could not pause the job losses indefinitely.” The bank said it temporarily shelved most layoffs in March to reduce uncertainty for employees and protect its

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