Europe’s largest bank, which is headquartered in the UK, cut 11,000 jobs last year, and has said it will continue to make savings throughout the course of this year while also cutting staff and moving others from the continent and the US to help with its push in Asia. HSBC has set out a revised strategy to include more focus on wealth management in Asia, where most of its profits come from, in order to mitigate its exposure to record low interest rates in retail and business banking throughout Europe.
The financial giant has not yet detailed the total number of jobs it is planning to cut but warned its back office operations would account for most of the roles impacted.
HSBC later admitted it will probably cut a third of the ,000 roles in its finance department as part of the process.
This would take place over several years and would slash its current global office space in half as more people are able to work from home as a result of the ongoing coronavirus restrictions.
The bank did however say it will retain its headquarters in London’s Canary Wharf, although its other major office sites in the capital will be closed.
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