The British bank HSBC plans to scrape up to 15 percent of its total workforce in the next three years. That amounts to around 35,000 jobs.
The financial group, which mainly does business in Asia, hopes to find its way back up with this mega-job reduction finally.
HSBC has been struggling for some time. The bank was hit by the Sino-US trade conflict and the riots in Hong Kong. The outbreak of the new coronavirus also recently presses on the results. HSBC believes that the costs must be reduced by a total of 4.5 billion dollars to turn the tide.
“Parts of our company do not deliver acceptable returns. We are therefore sketching a revised plan to increase the yield for investors, “says interim CEO Noel Quinn in an explanation.
In connection with the reorganisation, the group records a write-down of more than 7 billion dollars.
As a result, the profit in the past year halved to 6 billion dollars, even though the total annual income of the bank increased by more than 2 billion dollars to around 56 billion dollars.