Hong Kong: Hong Kong Shanghai Banking Corporation (HSBC) on Tuesday announced a rational restructuring of its business. This includes retrenchment of 35,000 people. The main reason for this is the company’s profits for three consecutive years.
The bank says it will also reduce its bank’s business scope in Europe and America. The bank is facing a number of uncertainties in the wake of the US-China trade war, Britain’s exit from the European Union and the Corona virus outbreak in China. As such, it is focusing on cutting its operating costs. However, the Asian business of the bank is doing well due to better presence in China. While its US and Europe business performance is disappointing.
Noel Cooin, acting chief executive of the bank, said, “Some parts of our business are not performing as expected. So to give better results to our investors, we are rethinking our plan. “
