CNN, February 18, 2020: HSBC plans to cut 35,000 jobs as profit drops 33%
HSBCÂ said it would cut around 35,000 jobs and dramatically overhaul its business after its profit plunged by a third in 2019.
The bank plans to reduce its global headcount by roughly 15% to 200,000 over the next three years, a company spokesperson said, although the precise figures have not been finalized.
HSBC will also ditch $100 billion in assets, shrink its investment bank and close a third of its U.S. branches as it shifts resources to the Middle East and Asia, where it already makes most of its profits. The changes are expected to cost $7.2 billion by 2022.
“This represents one of the deepest restructuring and simplification programs in the bank’s history,” interim chief executive Noel Quinn said during an earnings presentation.
