HSBC to cut 35,000 jobs globally after disappointing annual results

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In an attempt to cut costs and improve shareholders' returns, HSBC's interim Chief Executive announced that the bank is planning to decrease the workforce number from 235,000 to 200,000 in two years. HSBC also announced other restructuring plans, including merging divisions and bank office functions, in total accounting for $7.2bn in costs. The decision was announced after the annual results showed lower that expected profit despite 4% revenue increase.

Yahoo Finance, Oscar Williams-Grut, 18th February 2020