HSBC says it will cut around 35,000 jobs and dramatically overhaul its business worldwide after reporting a 33% profit plunge in 2019.
Hong Kong HSBC on Tuesday said it would cut around 35,000 jobs and dramatically overhaul its business worldwide after reporting a 33% profit plunge in 2019.
The bank's headcount is expected to drop from 235,000 to around 200,000 over the next three years, a company spokesperson confirmed. That would slash about 15% of its global workforce, though the exact number has not been finalized.The bank's plan also involves scrapping about $100 billion in assets by the end of 2022, and it will reduce costs by $4.5 billion.The London-based bank detailed its strategy while disclosing annual results. The pre-tax profit drop — it pulled in $13.
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