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HSBC moves ahead with sweeping job cuts held up by coronavirus

Bank looks to shed 35,000 positions in retreat from US and Europe

An HSBC branch in Paris: Though the bank counts on Asia for more than 95% of its profits, about 45% of its capital is tied up in the U.S. and Europe.   © Reuters

HONG KONG -- As the coronavirus pandemic puts pressure on its loan portfolio and profits, HSBC Holdings has revived plans to cut about 35,000 jobs worldwide that it had put on hold in March.

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