HSBC Plans to Cut 35,000 Jobs in Tucker’s Sweeping Overhaul
- Investment bank in Europe and U.S. targeted; buyback suspended
- Shares fall most in three years; no update on CEO succession
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HSBC Holdings Plc is set to slash about 35,000 staff from its workforce and is taking $7.3 billion of charges in its most dramatic overhaul under Chairman Mark Tucker.
The London-based lender is targeting cost reductions of $4.5 billion at underperforming units in the U.S. and Europe. In the meantime, it will accelerate investments in Asia, where the bank draws the bulk of its profit but is grappling with risks from the Hong Kong protests and China’s coronavirus outbreak. The board is also deciding whether the sweeping overhaul announced by interim boss Noel Quinn is enough to secure him the top job permanently.