KONTAN.CO.ID - HONG KONG. HSBC Holdings said on Tuesday it would shed US$ 100 billion in assets, slashing the size of its investment bank and revamping its U.S. and European businesses - in a drastic overhaul that will mean 35,000 jobs cut over three years. The bank, which has long underperformed rivals, is seeking to become leaner and more competitive as it tries to grapple with a swathe of challenges: slowing growth in its major markets, the coronavirus epidemic, Britain's withdrawal from the European Union as well as lower central bank interest rates. "The totality of this program is that our headcount is likely to go from 235.000 to closer to 200,000 over the next three years," Noel Quinn, interim chief executive, told Reuters. Some of that will be managed through natural attrition as people leave the bank, he said.
HSBC to shed assets worth US$ 100 bilion and slash 35.000 jobs over three years
KONTAN.CO.ID - HONG KONG. HSBC Holdings said on Tuesday it would shed US$ 100 billion in assets, slashing the size of its investment bank and revamping its U.S. and European businesses - in a drastic overhaul that will mean 35,000 jobs cut over three years. The bank, which has long underperformed rivals, is seeking to become leaner and more competitive as it tries to grapple with a swathe of challenges: slowing growth in its major markets, the coronavirus epidemic, Britain's withdrawal from the European Union as well as lower central bank interest rates. "The totality of this program is that our headcount is likely to go from 235.000 to closer to 200,000 over the next three years," Noel Quinn, interim chief executive, told Reuters. Some of that will be managed through natural attrition as people leave the bank, he said.