Aug 3, 2020

Coronavirus: HSBC to speed up 35,000 job cuts as profits slump

HSBC plans to speed up job cuts after interim profits plunged and the bank said bad loans linked to the coronavirus could reach $13bn. Europe's biggest bank reported a 65% drop in pre-tax profits to $4.3bn for the first half of the year - much steeper than analysts had forecast. HSBC chairman Mark Tucker is overseeing the programme to shrink the bank's operations in Europe and the US. The bank has previously said it could wind down or sell its US retail banking operations which could involve shrinking its 224-strong US branch network by about 30%.Political tensions. It's Europe's largest bank, headquartered in London, but the Hong Kong and Shanghai Banking Corporation makes half of its money in Asia. Who are those customers? Mr Quinn also signalled the resumption of restructuring plans which will pivot the business further towards Asia, with job cuts expected in the UK investment bank and the American branch network.

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