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Finance

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.

"The reality is that the measures and the change we announced in February are even more necessary today," CEO Noel Quinn said in a staff memo on Wednesday. "We could not pause the job losses indefinitely -- it was always a question of 'not if, but when.'"

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