A London bus is reflected as it drives past an HSBC plaque in St James's Street in London, Tuesday, June 9, 2015. London-based HSBC, whose profit is mainly from Asia, said Tuesday that it plans to revamp its U.S. and European business and shed $100 billion in assets to improve its profitability.
"Depending on how the situation develops, there is the potential for any associated economic slowdown to impact our expected credit losses in Hong Kong and mainland China," the bank said in a statement. "Longer term, it is also possible that we may see revenue reductions from lower lending and transaction volumes, and further credit losses stemming from disruption to customer supply chains. We continue to monitor the situation closely," it said.
The bank has been carrying out a corporate overhaul designed to boost profitability by focusing on high-growth markets in Asia while shedding businesses and workers in other countries.
They aren't getting that money laundering money any more
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