HSBC net profit falls 53%, bank to sell assets in overhaul
HSBC will shed some 35,000 jobs as part of a deep overhaul to focus on faster-growing markets in Asia and as it tries to cope with a slew of global uncertainties, from Brexit to the trade wars to the new coronavirus.
The bank’s net profit fell 53% to $6 billion in 2019 and, for this year, it warned of “significant disruption” to its business due to the outbreak of the virus in China.HSBC’s operations in Europe are also under pressure. It must now also grapple with Britain’s departure from the European Union and the uncertainty that will accompany negotiations for future trade relations.
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. It plans to revamp its U.S. and European business and shed $100 billion in assets to improve profitability.“Our immediate aims are to increase returns, create the capacity to invest in the future, and build a platform for sustainable growth,” Quinn said in the statement.
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