The UK banking group is seeking to reduce capital and costs in its underperforming businesses to enable continued investment in businesses with stronger returns and growth prospects.
HSBC is planning to overhaul its ‘complex organisational structure’, including a reduction in central costs, while improving the capital efficiency as profits were down by one third, according to the UK bank’s 2019 annual results. It has also announced a reduction of its work force with 35,000 jobs at risk as it moves to reduce its sales and trading and equity research in Europe and transition its structured products capabilities from the UK to Asia. Regional reshuffle In E
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