HSBC Cutting 35,000 Jobs, Focusing on More Profitable Markets

HSBC is looking to scale back their operations in the US, mainland Europe and in their investment bank; at the same time they plan to invest in Asian and Middle Eastern markets in order to increase profits; currently they make half of their revenue in Asia; the bank shared that net profits fell 53% to $5.97 billion last year and that they were suspending share buybacks for two years; it is also expected that HSBC will face challenges in the UK due to the economic uncertainty; among other changes reported by the Wall Street Journal, the bank is bringing retail banking, wealth management and private banking into one unit. The Wall Street Journal