HSBC's decision to shutter international payments app Zing is likely to trigger around 400 job losses, a source familiar with the matter said, as CEO Georges Elhedery steps up cost-cutting efforts at Europe's largest bank.

The move is expected to result in about 400 layoffs as CEO Georges Elhedery intensifies cost-cutting measures in Europe.

Zing is an international payments app and debit card that allows people to hold different currencies, send money abroad, or spend in the UK and overseas

Major universal bank HSBC has recently announced the closure of its Zing app just a year after its launch, potentially putting around 400 jobs at risk. The Zing app, introduced in January 2024, was rolled out to take on fintech rivals like Revolut and Wise by offering cheaper cross-border payment fees.

HSBC is shutting down its global payments app Zing a year after launch, putting hundreds of jobs at risk, as the global bank continues to overhaul its structure. The bank’s chief executive has instigated a series of changes to drive down costs since stepping into the role last year.

Fintechs like Revolut and Wise are built for scale and are willing to risk short-term profits for long-term growth. Zing’s inability to break even and scale quickly enough points to a major issue— legacy banks need to be willing to disrupt their own models if they want to compete with more agile, VC-backed players.