LONDON — HSBC said it plans to cut 35,000 jobs over the next three years as the global bank struggles to revive a business that has come to depend increasingly on China for growth. As a result, many of the cuts planned by the bank are to take place in Europe and the United States.
HSBC issued a statement saying it plans to cut up to $4.5 billion in costs as it faces a number of headwinds, including the coronavirus outbreak in China, strife in Hong Kong and more, according to the Wall Street Journal.
The coronavirus is causing economic disruptions in Hong Kong and mainland China that could have a negative impact on performance this year, HSBC is warning. The bank lowered expectations for growth across Asia for this year but added that it expected to see some improvement once the virus was contained. Nearly half of the bank's revenue comes from Asia, the Journal stated.
HSBC did not say where the cuts would occur in the U.S. and Europe.