HSBC to cut 35,000 jobs
HSBC to cut 35,000 jobs and shed assets in major overhaul. The restructure is HSBC's third in a decade and its under-performing investment banking arm is expected to bear the brunt.

Sky News City editor Mark Kleinman said this would be HSBC's third major restructure in 10 years and that the under-performing investment banking business in the US and Europe would "bear the brunt of this jobs cull".

He added: "This plan to cut tens of thousands of jobs is a pattern we've seen across the banking industry since the financial crisis of 2008 because ultra low interest rates for the last decade have depressed the returns and performance of big international banks like HSBC."

HSBC reported its 2019 profit before tax was $13.35bn (£10.2bn), down from $19.89bn (£15.3bn) the previous year - a drop of 33%. Analysts had expected around $20bn (£15.4bn).

The bank blamed $7.3bn (£5.6bn) in write-offs linked to its global banking and markets and commercial banking business units in Europe.

HSBC is Europe's largest bank by assets but makes around half of its revenue and 90% of its profit in Asia.

In recent times, it has faced a number of challenges: slowing growth in its main markets, the coronavirus, anti-government protests in Hong Kong, and the UK's withdrawal from the European Union.

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