Major Moves: HSBC's Cost-Cuts, UK Labor Reforms, and Bernard Arnault's Paris FC Acquisition

The Financial Times top stories cover HSBC's targeted cost-cutting strategy focusing on senior bankers, the UK government's historic worker rights reforms, GSK's $2.2 billion Zantac settlement, and Bernard Arnault's acquisition of Paris FC in partnership with Red Bull.

HSBC CEO Georges Elhedery is initiating a strategic cost-cutting plan aimed at saving up to $300 million, targeting the bank's senior banking personnel.

The UK's Labour government has unveiled an ambitious package of new workers' rights, marking the most substantial change in employment law within a generation, by tackling zero-hour contracts and improving sick pay.

GSK has consented to a $2.2 billion settlement in U.S. state courts regarding lawsuits claiming a discontinued version of Zantac caused cancer. Meanwhile, Bernard Arnault and Red Bull are set to purchase Paris FC, the second-tier soccer club of the French capital.

(With inputs from agencies.)