ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more