HSBC to shed some 35,000 jobs as part of a deep overhaul to focus on faster-growing markets in Asia.
“No trade negotiation is ever straightforward,'' HSBC said in a statement. “It is essential that the eventual agreement protects and fosters the many benefits that financial services provide to both the U.K. and the EU.”
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. The sharp drop in 2019 profit reflected slower economic activity but also a $7.3 billion write-down for HSBC's Global Banking and Markets and Commercial Banking divisions in Europe. Revenue rose 5.9 percent in 2019 to $55.4 billion.
The restructuring is expected to cost $6 billion, with another $1.2 billion for asset sales, mainly in 2020 and 2021, the bank said.
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