HSBC plans to cut 35,000 jobs as profits drop 33%

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HSBC says it will cut around 35,000 jobs and dramatically overhaul its business worldwide after reporting a 33% profit plunge in 2019.

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Hong Kong HSBC on Tuesday said it would cut around 35,000 jobs and dramatically overhaul its business worldwide after reporting a 33% profit plunge in 2019.

The bank's headcount is expected to drop from 235,000 to around 200,000 over the next three years, a company spokesperson confirmed. That would slash about 15% of its global workforce, though the exact number has not been finalized.The bank's plan also involves scrapping about $100 billion in assets by the end of 2022, and it will reduce costs by $4.5 billion.The London-based bank detailed its strategy while disclosing annual results. The pre-tax profit drop — it pulled in $13.

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Paz88S

Don't let them cut jobs. Make them get a better CEO. Tax what they save. workersBeforeProfit workersFirst hsbc

HSBC is leveraging blockchain technology that's why those jobs are obsolete, get ready there will be plenty more 🙁

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