Hong Kong(CNN Business) HSBC on Tuesday said it would cut around 35,000 jobs and dramatically overhaul its business after its profit plunged by a third in 2019.
The bank plans to reduce its global headcount by roughly 15% to 200,000 over the next three years, a company spokesperson said, although the precise figures have not been finalized.
HSBC will also ditch $100 billion in assets, shrink its investment bank and close a third of its US branches as it shifts resources to the Middle East and Asia, where it already makes most of its profits. The changes are expected to cost $7.2 billion by 2022.
"This represents one of the deepest restructuring and simplification programs in the bank's history," interim chief executive Noel Quinn said during an earnings presentation.
Quinn warned there would be "meaningful" workforce reductions in the bank's home market of the United Kingdom. Other cuts to jobs and costs will come from a simplification...