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Finance

HSBC to cut almost 35,000 jobs and flags $7.2bn in restructuring costs

Bank to focus on Asia operations, as pretax profit for last year falls 33%

While HSBC warned that the coronavirus outbreak could hurt its business this year, interim Chief Executive Noel Quinn said that China "remains a significant opportunity for growth."   © Reuters

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.

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