HSBC to shed $100b in assets in massive revamp

About 35,000 jobs may be axed over the next three years.

HSBC is shedding $100b in assets, shrinking its investment bank, and revamping its US and European businesses that may see 35,000 job cuts over the next three years, Reuters reports.

The bank said it would merge its private banking and wealth businesses, axe European trading and downsize US retail branches as it seeks to remove $4.5b in costs.

“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,” interim CEO Noel Quinn said.

HSBC has struggled to stay at par with rivals amidst slowing growth in major markets, the COVID-19 outbreak, brexit, and lower central bank interest rates.

Here’s more from Reuters.

Photo courtesy of Wikimedia Commons.

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