HSBC Holdings PLC announces it will divest assets valued at 100,000 million dollars, will reduce its investment banking and reformulate their business in the United States and Europe.
Sea February 18, 2020 9:14 a.m.
Reuters
@ExpansionMx
HSBC Holdings PLC said Tuesday it will divest assets valued at 100,000 million dollars, will reduce its investment banking and reformulate their business in the United States and Europe, a drastic reform will mean 35,000 layoffs within three years.
The bank, which has had more difficulty keeping pace with rivals more focused and smaller, wants to be more competitive while dealing with slower growth in its main markets, coronavirus, Brexit and interest rates lower.
HSBC said it will merge its asset management business and private banking operations will reduce stocks in Europe and reduce retail branches in the US to remove 4,500 million in costs.
"All of this suggests that our program go payroll of 235,000 to a number closer to 200,000 in the next three years," he told Reuters Noel Quinn, interim CEO.
British lender, whose huge Asian operations operate based in Hong Kong, said the coronavirus epidemic had significantly impacted staff and customers.
In the long term could reduce revenue and cause a rise in bad loans by cuts in supply chains, he added.
Europe's largest bank by assets, which generates the bulk of its revenues in Asia, said pretax profit plunged a third, to 13,350 million in 2019. The forecast average was 20,030 million dollars calculated by brokerages and compiled by HSBC.
The collapse was due to depreciation of $ 7,300 million related to its business units and commercial banking and global banking markets in Europe.
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