The bank, which has struggled to keep pace with leaner and more focused rivals, is seeking to become more competitive as it grapples with slowing growth in its major markets, the coronavirus epidemic, Britain’s European Union exit and lower central bank interest rates.
The restructuring, one of the largest undertaken by a blue-chip lender for more than a decade, will be partly managed through natural attrition as people leave the bank, he said. The virus has killed almost 1,900 people, overwhelmingly in mainland China, and infected more than 70,000, while its economic impact is spreading across the globe.
“Getting this done will require a fair amount of work, then we need to see how it settles down. Noel is doing a good job in very difficult circumstances, ” he added.
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