AFP, LONDONAsia-focused banking giant HSBC Holdings PLC yesterday axed 35,000 jobs, far more than expected, and posted slumping annual profits, as it warned over the financial impact of COVID-19. The radical overhaul comes as HSBC streamlines operations in the US and Europe, although no details were given on where the axe would fall. The restructuring plans are the biggest shake-up since 2012, when HSBC was caught up in a Mexican money-laundering scandal. Many of the cutbacks will be in the European and US investment banking sectors, while units in more profitable Asia and the Middle East would be bolstered. Adjusted profit before tax in Asia last year was up 6 percent to US$18.6 billion.

Source: Taipei Times February 18, 2020 15:56 UTC