HSBC announced it is restructuring its far-flung global businesses, cutting some 35,000 jobs. The bank also announced that its profits for 2019 have taken a plunge. The bank had in 2019 reduced its headcount by 4000 and then by 10,000. It now plans to radically reduce its global headcount by about 15% over the next 3 years – which will mean one in every 7 people will leave. Through this restructuring, the bank aims to strip away $4.5 billion worth of costs. Noel Quinn, the interim chief executive of the bank, intends to cut the staff from 235,000 to 200,00 employees over the next 3 years. This is believed to cost about $7.2 billion. The bank saw a decline in profits – by about $ 7.3 billion – and it is also facing issues, including falling interest rates, which made it difficult for it to be profitable. Also the uncertainty that pervaded in Hong Kong and the outbreak of corona virus in China had impacted the working of the bank, It said it is effecting retrenchment in several of its markets and refocusing on its roots in Asia, where it is making about half of its revenue and 90% of its profits.
