HSBC plans to cut 35,000 jobs as profit drops 33%

HSBC plans to cut 35,000 jobs as profit drops 33%

HSBC 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.

In the United States, where HSBC has underperformed for years, the group will reposition itself to target more affluent retail customers. London will remain a hub for investment banking, but HSBC’s global banking and markets team will now focus more on Asia and the Middle East.

Source: CNN

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