The first European bank no longer believes in Europe. Or so little. HSBC, the British bank and the continent’s first bank by size of bank balance sheet, announced on Tuesday a major restructuring plan aimed at refocusing on Asia, its region of origin.
The bank will reduce its workforce by 35,000, from 235,000 currently employed to “approximately 200,000” by 2022. This is accompanied by a serious purge of its balance sheet, with $ 100 billion in assets which must be eliminated, out of a current total of 843 billion. In total, the bank aims to achieve annual savings of $ 4.5 billion by 2022, a 12% reduction in costs.
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