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BBC News America Banking giant HSBC sees annual profit slump by 33%

Image copyright Getty Images HSBC has revealed it will cut 35,000 jobs over the next three years as part of a widespread overhaul.The bank said it was targeting $4.5bn (£3.5bn) of cost cuts by 2022 while scaling back $100bn (£70bn) of assets.The cutbacks come as profits for 2019 fell by 33%, mainly due to HSBC’s…

BBC News America

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HSBC has revealed it will cut 35,000 jobs over the next three years as part of a widespread overhaul.The bank said it was targeting $4.5bn (£3.5bn) of cost cuts by 2022 while scaling back $100bn (£70bn) of assets.The cutbacks come as profits for 2019 fell by 33%, mainly due to HSBC’s investment and commercial banking operations in Europe.Details of the spending cuts were unveiled by Noel Quinn, currently serving as interim chief executive. HSBC, which makes the bulk of its revenue in Asia, reported annual profit before tax of $13.35bn (£10.3bn).The bank currently operates in more than 50 countries across North America, Europe, the Middle East and Asia. It employs more t
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