HSBC has announced 35,000 job cuts over the next three years. The bank said it aims to reduce overall costs by more than four billion euros by 2022 while reducing € 84 billion in assets.
This comes after profits for 2019 fell by 33% mainly due to HSBC investments and commercial operations in Europe. Interim Chief Executive Noel Quinn announced this deficit.
HSBC bank which makes the majority of profits from Asia, reported an annual profit before tax of just over € 12 billion. Currently the bank operates in more than 50 countries in North America, Europe, the Middle East and Asia and employs more than 235,000 people worldwide.
The decline in HSBC profits were responsible for nearly € 9 billion in write-downs of assets related to global banking operations, markets and commercial bank’s operations in Europe. All this is happening as economic growth in key HSBC markets is decreasing.
HSBC is also facing the impact of the coronavirus, Brexit and low interest rates worldwide.