Hong Kong: Banking services worldwide (HSBC-Hong Kong Shanghai Banking Corporation) on Tuesday announced a rational restructuring of its business. Under this, 35,000 people will be laid off. The main reason for this is the decline in the bank's profits for three years. HSBC says that it will also reduce the scope of its bank's business in Europe and America.
The bank is facing a number of uncertainties in the wake of the trade war between the US-China, the UK coming out of the European Union and the spread of deadly coronavirus in China. It is focusing on cutting its operating costs. However, the bank's Asian business is doing well due to better presence in China. While the performance of its US and Europe business has been disappointing.
HSBC Acting Chief Executive Officer Noel Cooin said, "Some parts of our business are not performing as expected." So to give better results to our investors, we are rethinking our plan. In an interaction with the media, he said that in the next three years he will reduce the number of his employees from 2,35,000 to 2,00,000. However, he did not give much information about it. At the same time, the bank's restructuring plan is its ambitious plan since 2012.
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