HSBC signals mass job cuts as profits plunge

(BBC) – HSBC has said it will axe around 35,000 jobs as it announced profits for 2019 fell by about a third.

That has spurred the bank to target $4.5bn (£3.5bn) of cost cuts by 2022 as part of a major restructuring.

The bank’s interim chief executive, Noel Quinn, said HSBC would scale back its headcount from 235,000 to about 200,000 over the next three years.

HSBC, which makes the bulk of its revenue in Asia, reported annual profit before tax of $13.35bn (£10.3bn).

It said the fall in profits was mainly due to $7.3bn in write-offs related to its investment and commercial banking operations in Europe.

The 35,000 job losses are deeper than expected, and represent about 15% of the workforce. Analysts had expected about 10,000 jobs to be cut.

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