HSBC is going to shed close to 35,000 jobs as a part of their deep overhaul for the focusing on the markets which are growing faster in Asia as they try and cope up with the slew of uncertainties all over the world from the Brexit issue to the trade war to the coronavirus which has been raging in the world.
Noel Quinn, the interim CEO has said that the number of people who have been employed by the bank are going to fall down from 235,000 to around 200,000 which is going to be a cut of close to 15% in the coming three years. A few of the reductions are going to come from attrition as against the outright cuts.
HSBC is based in London however it does a big part of its business in the region of Asia and off late it has been caught among a lot of uncertainties.
From the uncertainties regarding Brexit to the protests in Hong Kong to now the coronavirus related uncertainties and the trade disputes adding to the uncertainties.
There has been a fall in the net profit of the bank to $6 billion in the year 2019 which is a fall of 53% and for the year it has warned of major disruptions to the business because of the outbreak of this virus in China. The operations of the company in Europe have been under pressure as well and it has to now grapple with the departure of Britain from EU and the uncertainty that is going to come with the negotiations which take place in and around trade after the departure from EU.