Banking giant HSBC will cut 35,000 jobs over the next three years and shed assets in a major overhaul.
Some $100bn (£77bn) in assets will be cast off and the bank’s investment branch slashed as it seeks to become leaner and more competitive.
Interim chief executive Noel Quinn said: “The totality of this programme is that our headcount is likely to go from 235,000 to closer to 200,000 over the next three years.”
Sky News City editor Mark Kleinman said this would be HSBC’s third major restructure in 10 years and that the under-performing investment banking business in the US and Europe would “bear the brunt of this jobs cull”.
He added: “This plan to cut tens of thousands of jobs is a pattern we’ve seen across the banking industry since the financial crisis of 2008 because ultra low interest rates for the last decade have depressed the returns and performance of big international banks like HSBC.”
HSBC reported its 2019 profit before tax was $13.35bn (£10.2bn), down from $19.89bn (£15.3bn) the previous year – a drop of 33%. Analysts had expected around $20bn (£15.4bn).
The bank blamed $7.3bn (£5.6bn) in write-offs linked to its global banking and markets and commercial banking business units in Europe.