HSBC to cut 35,000 jobs worldwide as profit plunges

HSBC to cut 35,000 jobs worldwide as profit plunges

Filed on February 18, 2020 | Last updated on February 18, 2020 at 01.02 pm. The job cuts will take place over three years.. London-based HSBC plans to cut 15 per cent of its global workforce as it embarks on a radical cost-cutting plan, the banking giant's interim chief said on Tuesday.". 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," Noel Quinn told Bloomberg News in an interview.. Europe's biggest bank has reported that its net profit fell 53 per cent in 2019 to $6 billion.HSBC, whose profit is mainly from Asia, said Tuesday that it plans to revamp its US and European business and shed $100 billion in assets to improve its profitability.. The bank said the virus outbreak that began in China has caused a "significant disruption" for its staff, suppliers and customers, especially in the Chinese mainland and in Hong Kong.. "Depending on how the situation develops, there is the potential for any associated economic slowdown to impact our expected credit losses in Hong Kong and mainland China," the bank said in a statement.. "Longer term, it