HSBC said it will shed $100 billion in assets, slashing the size of its investment bank and revamping its U.S. and European businesses - in a drastic overhaul that will mean 35,000 jobs cut over three years
) said on Tuesday it would shed $100 billion in assets, slashing the size of its investment bank and revamping its U.S. and European businesses - in a drastic overhaul that will mean 35,000 jobs cut over three years.
“The totality of this program is that our headcount is likely to go from 235,000 to closer to 200,000 over the next three years,” Noel Quinn, interim chief executive, told Reuters. Some of that will be managed through natural attrition as people leave the bank, he said. That was due to $7.3 billion in write-offs linked to its global banking and markets and commercial banking business units in Europe.
The bank will also reduce its sales and research coverage in European cash equities with a focus on supporting equity capital market transactions, it said. HSBC said the ongoing coronavirus epidemic had significantly impacted its staff and customers, and the outbreak could in the long run reduce its revenue and cause bad loans to rise as supply chains are disrupted.
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