HONG KONG -- HSBC Holdings on Tuesday revealed plans to cut nearly 35,000 jobs and shrink its U.S. and European operations, as it flagged $7.2 billion in costs as it carries out its third major overhaul in a decade.
The U.K.-based bank already has begun implementing the plan and took a $7.3 billion write-down, largely on the value of its global investment banking unit and its commercial banking unit in Europe, a move that slashed its 2019 pretax profit by 33% to $13.35 billion. HSBC said it aims to cut gross risk-weighted assets by $100 billion by the end of 2022 and invest in Asia.
