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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.

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