HSBC Holdings plans to sell $ 100 billion in assets, and to cut 35,000 jobs as part of radical reforms over a three-year period. p>
According to Reuters, the bank has long been looking for its peers to boost its competitiveness while facing many challenges such as slowing growth in major markets, a viral epidemic, Britain's secession from the European Union as well as central banks cutting interest rates.
"At the level of the program as a whole, the number of employees is likely to decrease from 235,000 to nearly 200,000 over three years," Interim CEO Noel Quinn told Reuters at a program level.
The largest European bank, which generates most of its revenue in Asia, said profit before taxes fell by a third to $ 13.35 billion in 2019, which is well below the average forecast from brokerages to achieve $ 20.03 billion.
In an effort to simplify the group’s structure, the bank said it would merge the Retail Banking and Wealth Management unit with global private banking activities to form one of the largest wealth management activities in the world.
The bank said that the current outbreak of the coronavirus in China has greatly affected workers and customers and may reduce revenues in the long run and cause bad loans to increase as supply chains are disrupted.
