Europe's biggest bank to cut 35,000 jobs
Europe's biggest bank HSBC has announced it will axe 35,000 jobs worldwide as part of a major restructuring after the bank’s profits fell by a third last year.
The bank is aiming to scale back its headcount from 235,000 to 200,000 over the next three years as it attempts to cut £3.5bn ($4,5 bln) in costs by 2022.
It said last year’s fall in profits was largely due to £5.6bln ($7,3 bln) in write-offs related to its Global Banking and Markets and Commercial Banking divisions in Europe, The Independent reported.
The bank has been carrying out a corporate overhaul designed to boost profitability by focusing on high-growth markets in Asia while shedding businesses and workers in other countries.
The bank said the coronavirus outbreak has caused “significant disruption” for its staff, suppliers and customers, especially in the Chinese mainland and in Hong Kong.
The bank operates in more than 50 countries across the globe, and employs more than 40,000 people based in the UK.