HSBC cuts headcount by 35,000 in deep overhaul

HSBC cuts headcount by 35,000 in deep overhaul
In this May 4, 2018 file photo, a man walks past a branch of HSBC bank in Hong Kong. Europe's biggest bank has reported that its net profit fell 53% in 2019 to $6 billion. London-based HSBC, whose profit is mainly from Asia, said it plans to revamp its U.S. and European business and shed $100 billion in assets to improve its profitability. (Source: AP Photo/Kin Cheung, File)

LONDON (AP) — HSBC, Europe’s biggest bank, will cut some 35,000 jobs.

The move is one of the biggest changes in years for the bank, which is based in London but makes most of its money in Asia.

Interim chief executive Noel Quinn said the number of people employed by the bank would fall from 235,000 to 200,000 in the next three years.

The bank said its net profit fell 53% in 2019 to $6 billion.

HSBC said it plans to revamp its U.S. and European business and shed $100 billion in assets.

The bank said the virus outbreak that began in China has caused a “significant disruption” for its staff, suppliers and customers.

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