Europe’s biggest bank announced its profits fell by a third, with interim CEO Noel Quinn announcing plans to cut tens of thousands of jobs.
: HSBC has announced it will cut 35,000 jobs worldwide over the next three years as part of a dramatic restructure, as it reported that its annual profits fell by a third.
London-headquartered HSBC will see its workforce drop to 200,000, from 235,000, in the next three years. The measures are part of a drive to save $4.5 billion by 2022, and represents about 15% of the bank’s workforce, but the bank did not reveal where the cuts would be made. HSBC makes most of its profits in Asia, and warned that the coronavirus has disrupted operations in mainland China and Hong Kong
Interim CEO Noel Quinn said the bank is monitoring the situation closely. “Longer term, it is also possible that we may see revenue reductions from lower lending and transaction volumes, and further credit losses stemming from disruption to customer supply chains,” he said in aThe bank is also slimming down its U.S. operations, closing 30% of its 224 branches and repositioning its services towards international clients as it seeks to cut costs.
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