HSBC refreshes plan to increase returns for investors

London — HSBC is set to slash about 15% of its workforce and is taking $7.3bn of charges in its latest attempt to revive its fortunes since the global financial crisis.

HSBC, which earns the bulk of its profits in Asia, is still hunting for a permanent CEO while interim boss Noel Quinn runs the lender and seeks to convince the undecided board he is the right person at the top. Quinn, who is also exiting several business lines, said “it’s fair to say that our direction of travel will be to move the current headcount of 235,000 to be closer to 200,000 over the next three years”.

Cutbacks at HSBC will extend into parts of its European and US investment banking businesses, particularly in fixed income. In the US, assets linked to its trading operations will be nearly halved under the new plan. HSBC is also scaling back its retail network by 30%.

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