Hong Kong: As many as 35,000 at HSBS Holdings PLC are set to lose their jobs over a three-year period after company announced that it would be shrinking its investment bank, shedding $100 billion in assets and revamping its US and European businesses.
As per reports, the Bank is trying to become more competitive at a time when growth in major markets is slowing, the coronavirus is threatening business productivity, Brexit and lower bank interests.
Speaking to Reuters, interim chief executive said that the number of employees is likely to go from 235,000 employees to 200,000 over the next three years.
The UK-based bank has said that the coronavirus epidemic has significantly impacted the staff and customers as its Asian operations are headquartered in Hong Kong. Revenue is set to shrink and bad loans might rise as a result in the disruption in the supply chains.
In the US, where the bank has been underperforming for years, a third of its 224 branches will be closed and focus will be kept on international and wealthier clients.
