HSBC has announced it will axe 35,000 jobs worldwide as part of a major restructuring after the bank’s profits fell by a third last year.
The bank is aiming to scale back its headcount from 235,000 to 200,000 over the next three years as it attempts to cut £3.5bn in costs by 2022 and shed more than £70bn of assets.
It said last year’s fall in profits was largely due to £5.6bn in write-offs related to its Global Banking and Markets and Commercial Banking divisions in Europe.
The bank has been carrying out a corporate overhaul designed to boost profitability by focusing on high-growth markets in Asia while shedding businesses and workers in other countries.
“Parts of our business are not delivering acceptable returns. We are therefore outlining a revised plan to increase returns for investors,“ Noel Quinn, the bank’s interim chief executive, said in a statement.
1/50 17 February 2020
People gather at the site of a bomb blast in Quetta, Pakistan
Reuters
2/50 16 February 2020
Dogs wearing masks are seen at a main shopping area, in downtown Shanghai, China, as the country is hit by an outbreak of a new coronavirus
REUTERS
3/50 15 February 2020
Men dressed in loincloths prepare to snatch a wooden stick called “shingi” tossed by the priest during a naked festival at Saidaiji Temple in Okayama, Okayama Prefecture Japan February 15, 2020. The person who grabs the wooden stick is considered the “luckiest man of the year”.
REUTERS
4/50 14 February 2020
Squirrels eat treats at a ‘Valentine’s day party’ organised for them by staff in Skopje Zoo, North Macedonia
Reuters
5/50 13 February 2020
Internally displaced children stand on snow near tents at a makeshift camp in Azaz, Syria
Reuters
6/50 12 February 2020
A model presents a creation from the Marc Jacobs Fall/Winter 2020 collection during New York Fashion Week
Reuters
7/50 11 February 2020
Hawaiian surfer Kai Lenny rides a wave during the big waves Nazare Tow Surfing Challenge in Nazare
AFP via Getty
8/50 10 February 2020
A worker wears a protective suit as he stands outside an office building while checking people entering in Beijing, China. The number of cases of a deadly new coronavirus rose to more than 40000 in mainland China. The country has continued to lock down the city of Wuhan in an effort to contain the spread of the pneumonia-like disease which medicals experts have confirmed can be passed from human to human. The number of those who have died from the virus in China climbed to over 900, mostly in Hubei province, and cases have been reported in other countries including the United States, Canada, Australia, Japan, South Korea, India, the United Kingdom, Germany, France and several others. The World Health Organization has warned all governments to be on alert and screening has been stepped up at airports around the world. Some countries, including the United States, have put restrictions on Chinese travellers entering and advised their citizens against travel to China
Getty
9/50 9 February 2020
South Korean film director Bong Joon Ho poses with the awards, his film Parasite, won at the Oscars. It was named best picture, becoming the first non-English language film to do so
AFP via Getty
10/50 8 February 2020
Thailand security forces take cover behind an ambulance as they chase a shooter hidden in a shopping mall after a mass shooting in front of the Terminal 21, in Nakhon Ratchasima
Reuters
11/50 7 February 2020
A Palestinian demonstrator hurls stones at Israeli forces as tires burn near the Israeli barrier during a protest against the US President Donald Trump’s Middle East peace plan, in the village of Bilin, West Bank
Reuters
12/50 6 February 2020
Two people were killed and dozens injured when a train derailed outside the city of Lodi in Italy
AFP via Getty
13/50 5 February 2020
Health teams and fire brigade crews surround a passenger plane which split into three pieces after it skidded off the runway at Istanbul Sabiha Gokcen International Airport in Turkey
Anadolu Agency via Getty
14/50 4 February 2020
Sri Lanka’s military march with national flags during the 72nd independence day ceremony, in Colombo
Reuters
15/50 3 February 2020
Refugees and migrants confront riot police during a demonstration outside the Kara Tepe camp, on the island of Lesbos, Greece, February 3, 2020
Reuters
16/50 2 February 2020
An Iraqi demonstrator sits amid burning tires blocking a road during ongoing anti-government protests in Najaf, Iraq
Reuters
17/50 1 February 2020
Horses panic as a spot fire runs through the property of Lawrence and Clair Cowie near Canberra, Australia. The couple stayed to defend their home, with the spot fire destroying part of the property. Chief Minister Andrew Barr declared a State of Emergency on Friday, as the Orroral Valley bushfire continues to burn out of control
Getty
18/50 31 January 2020
Stefan Kraft soars through the air during a qualifying session for the men’s large hill individual competition at the FIS Ski Jumping World Cup event in Sapporo, Japan
EPA
19/50 30 January 2020
Commuters with protective facemasks wait to board a canal boat at Pratunam Pier in Bangkok. A Thai surgical mask factory, producing 10 million masks a month, increased working hours to cope with the rising demand following the outbreak of the coronavirus in China
AFP via Getty
20/50 29 January 2020
An Israeli soldier fires teargas towards Palestinian protestors during a demonstration in al-Aroub Palestinian refugee camp, between the West Bank towns of Hebron and Bethlehem
AFP via Getty
21/50 28 January 2020
Firefighters with their face painted with the movie character ‘Joker’, participate in a demonstration against the pension reforms and for better work conditions in Paris
EPA
22/50 27 January 2020
Flowers outside Bryant Gymnasium at Lower Merion High School, in Philadelphia, as people pay their respects after basketball legend Kobe Bryant died in a helicopter crash
Reuters
23/50 26 January 2020
US singer-songwriter Lizzo performs onstage during the 62nd Annual Grammy Awards in Los Angeles
AFP via Getty
24/50 25 January 2020
A Lebanese anti-government protester in makeshift protective gear stands under a water jet as security forces move to disperse a demonstration near government headquarters at the Grand Serail, in downtown Beirut
AFP via Getty
25/50 24 January 2020
A protester holds a sign reading “On the move” mocking the LREM party’s slogan during a demonstration in Paris, as part as a nationwide multi-sector strike against the French government’s pensions overhaul
AFP via Getty
26/50 23 January 2020
A Chinese police officer wears a protective mask as he stands guard next to an ad before the annual Spring Festival at a Beijing railway station. The number of cases of a deadly new coronavirus rose to over 500 in mainland China as health officials locked down the city of Wuhan in an effort to contain the spread of the pneumonia-like disease which medicals experts have been confirmed can be passed from human to human
Getty
27/50 22 January 2020
Visitors wear face masks as they sit inside the Venetian casino hotel resort in Macau, after the former Portuguese colony reported its first case of the new SARS-like virus that originated from Wuhan in China.
AFP via Getty
28/50 21 January 2020
Marine One helicopter with US President Donald Trump on board arrives for the 50th World Economic Forum (WEF) in Davos, Switzerland
Reuters
29/50 20 January 2020
A man walks between burning tires during ongoing anti-government protests in Najaf, Iraq
Reuters
30/50 19 January 2020
Britain’s Prime Minister Boris Johnson, Congolese President Denis Sassou Nguesso, Turkish President Recep Tayyip Erdogan, French President Emmanuel Macron, German Chancellor Angela Merkel, (second row, left to right) arab League Secretary General Ahmed Abul Gheit, African Union (AU) Committee Chairman Moussa Faki, European Council President Charles Michel, German Foreign Minister Heiko Maas, US Secretary of State Mike Pompeo pose for a family picture during a Peace summit on Libya at the Chancellery in Berlin
AFP via Getty
31/50 18 January 2020
Sweden’s Jennie-Lee Burmansson competing in the final run of the Freestyle Skiing Womens Freeski Slopestyle at the Leysin Park in Leysin, during the 2020 Lausanne Winter Youth Olympic Games
AFP via Getty
32/50 17 January 2020
Firefighters take part in a demonstration to protest against the attacks against them during interventions in Strasbourg. During the New Year’s Eve night in Strasbourg, two firefighters were notably injured following a projectile thrown onto the window of their truck. Last weekend, three firefighters were victims of a stabbing by a person they came to rescue in the outskirts of the city.
AFP via Getty
33/50 16 January 2020
People enjoy the frozen lake of Houhai in Beijing ahead of the Lunar New Year of the Rat. – The Lunar New Year falls on January 25 this year and marks the Year of the Rat.
AFP via Getty
34/50 15 January 2020
Taiwanese soldiers operate a CM-11 battle tank during an exercise at a military base in Kaohsiung, southern Taiwan
AFP via Getty
35/50 14 January 2020
A resident who briefly returned home to retrieve belongings carries figurines of Jesus Christ and Mother Mary in Laurel, Batangas province, Philippines. The Philippine Institute of Volcanology and Seismology raised the alert level to four out of five, warning that a hazardous eruption could take place anytime, as authorities have evacuated tens of thousands of people from the area
Getty
36/50 13 January 2020
Mini’s driver Jakub Przygonski and his co-driver Timo Gottschalk compete in Stage 8 of the Dakar 2020 around Wadi Ad-Dawasir
AFP via Getty
37/50 12 January 2020
People take photos of a phreatic explosion from the Taal volcano from the town of Tagaytay in Cavite province, southwest of Manila
AFP via Getty
38/50 11 January 2020
An injured Syrian child cries after being transported to a clinic for treatment following an air strike by pro-regime forces on the nothwestern city of Idlib
AFP via Getty
39/50 10 January 2020
Vets and volunteers treat koalas at Kangaroo Island Wildlife Park, southwest of Adelaide, Australia
AAP Image/Reuters
40/50 9 January 2020
Devotees follow the carriage transporting the statue of the Black Nazarene during an annual religious procession in its honour in Manila. Thousands of barefoot devotees joined the religious procession hoping to touch a centuries-old icon of Jesus Christ, called the Black Nazarene, which is believed to have miraculous powers
AFP via Getty
41/50 8 January 2020
People stand near the wreckage after a Ukrainian plane carrying 176 passengers crashed near Imam Khomeini airport in Tehran
ISNA/AFP via Getty
42/50 7 January 2020
Mourners gather around a vehicle carrying the coffin of Iranian top general Qasem Soleimani during the final stage of funeral processions, in his hometown Kerman. Soleimani was killed outside Baghdad airport Friday in a drone strike ordered by US President Donald Trump, ratcheting up tensions with Iran which has vowed “severe revenge”. The assassination of the 62-year-old heightened international concern about a new war in the Middle East and rattled financial markets
AFP via Getty
43/50 6 January 2020
Actor Rose McGowan speaks at a news conference outside a Manhattan courthouse after the arrival of Harvey Weinstein, in New York. Weinstein is on trial on charges of rape and sexual assault, more than two years after a torrent of women began accusing him of misconduct
AP
44/50 5 January 2020
Mourners march behind a vehicle carrying the coffins of slain major general Qassem Soleimani and others as they pay homage in the Iranian city of Mashhad
Tasnim News/AFP/Getty
45/50 4 January 2020
Rescue personnel search for bodies among mud and debris following a landslide caused by heavy rain in West Java, Indonesia
EPA
46/50 3 January 2020
A burning vehicle at the Baghdad International Airport is seen following an airstrike in Baghdad, Iraq. The Pentagon said Thursday that the US military has killed Gen. Qassem Soleimani, the head of Iran’s elite Quds Force, at the direction of President Donald Trump
AP
47/50 2 January 2020
Boats are pulled ashore as smoke and wildfires rage behind Lake Conjola, Australia. Thousands of tourists fled Australia’s wildfire-ravaged eastern coast ahead of worsening conditions as the military started to evacuate people trapped on the shore further south
Robert Oerlemans via AP
48/50 1 January 2020
Photographer Matt Roberts reacts to seeing his sister’s house destroyed by a bushfire in Quaama, New South Wales, Australia
EPA
49/50 31 December 2019
A man rides a donkey cart against the last setting sun of 2019 in Lahore, Pakistan
Reuters
50/50 30 December 2019
A Skycrane drops water on a bushfire in Bundoora, Melbourne, Australia. According to local media reports, thousands of residents and tourists were forced to evacuate in the state of Victoria as soaring temperatures and winds fanned several bushfires around the state
EPA
1/50 17 February 2020
People gather at the site of a bomb blast in Quetta, Pakistan
Reuters
2/50 16 February 2020
Dogs wearing masks are seen at a main shopping area, in downtown Shanghai, China, as the country is hit by an outbreak of a new coronavirus
REUTERS
3/50 15 February 2020
Men dressed in loincloths prepare to snatch a wooden stick called “shingi” tossed by the priest during a naked festival at Saidaiji Temple in Okayama, Okayama Prefecture Japan February 15, 2020. The person who grabs the wooden stick is considered the “luckiest man of the year”.
REUTERS
4/50 14 February 2020
Squirrels eat treats at a ‘Valentine’s day party’ organised for them by staff in Skopje Zoo, North Macedonia
Reuters
5/50 13 February 2020
Internally displaced children stand on snow near tents at a makeshift camp in Azaz, Syria
Reuters
6/50 12 February 2020
A model presents a creation from the Marc Jacobs Fall/Winter 2020 collection during New York Fashion Week
Reuters
7/50 11 February 2020
Hawaiian surfer Kai Lenny rides a wave during the big waves Nazare Tow Surfing Challenge in Nazare
AFP via Getty
8/50 10 February 2020
A worker wears a protective suit as he stands outside an office building while checking people entering in Beijing, China. The number of cases of a deadly new coronavirus rose to more than 40000 in mainland China. The country has continued to lock down the city of Wuhan in an effort to contain the spread of the pneumonia-like disease which medicals experts have confirmed can be passed from human to human. The number of those who have died from the virus in China climbed to over 900, mostly in Hubei province, and cases have been reported in other countries including the United States, Canada, Australia, Japan, South Korea, India, the United Kingdom, Germany, France and several others. The World Health Organization has warned all governments to be on alert and screening has been stepped up at airports around the world. Some countries, including the United States, have put restrictions on Chinese travellers entering and advised their citizens against travel to China
Getty
9/50 9 February 2020
South Korean film director Bong Joon Ho poses with the awards, his film Parasite, won at the Oscars. It was named best picture, becoming the first non-English language film to do so
AFP via Getty
10/50 8 February 2020
Thailand security forces take cover behind an ambulance as they chase a shooter hidden in a shopping mall after a mass shooting in front of the Terminal 21, in Nakhon Ratchasima
Reuters
11/50 7 February 2020
A Palestinian demonstrator hurls stones at Israeli forces as tires burn near the Israeli barrier during a protest against the US President Donald Trump’s Middle East peace plan, in the village of Bilin, West Bank
Reuters
12/50 6 February 2020
Two people were killed and dozens injured when a train derailed outside the city of Lodi in Italy
AFP via Getty
13/50 5 February 2020
Health teams and fire brigade crews surround a passenger plane which split into three pieces after it skidded off the runway at Istanbul Sabiha Gokcen International Airport in Turkey
Anadolu Agency via Getty
14/50 4 February 2020
Sri Lanka’s military march with national flags during the 72nd independence day ceremony, in Colombo
Reuters
15/50 3 February 2020
Refugees and migrants confront riot police during a demonstration outside the Kara Tepe camp, on the island of Lesbos, Greece, February 3, 2020
Reuters
16/50 2 February 2020
An Iraqi demonstrator sits amid burning tires blocking a road during ongoing anti-government protests in Najaf, Iraq
Reuters
17/50 1 February 2020
Horses panic as a spot fire runs through the property of Lawrence and Clair Cowie near Canberra, Australia. The couple stayed to defend their home, with the spot fire destroying part of the property. Chief Minister Andrew Barr declared a State of Emergency on Friday, as the Orroral Valley bushfire continues to burn out of control
Getty
18/50 31 January 2020
Stefan Kraft soars through the air during a qualifying session for the men’s large hill individual competition at the FIS Ski Jumping World Cup event in Sapporo, Japan
EPA
19/50 30 January 2020
Commuters with protective facemasks wait to board a canal boat at Pratunam Pier in Bangkok. A Thai surgical mask factory, producing 10 million masks a month, increased working hours to cope with the rising demand following the outbreak of the coronavirus in China
AFP via Getty
20/50 29 January 2020
An Israeli soldier fires teargas towards Palestinian protestors during a demonstration in al-Aroub Palestinian refugee camp, between the West Bank towns of Hebron and Bethlehem
AFP via Getty
21/50 28 January 2020
Firefighters with their face painted with the movie character ‘Joker’, participate in a demonstration against the pension reforms and for better work conditions in Paris
EPA
22/50 27 January 2020
Flowers outside Bryant Gymnasium at Lower Merion High School, in Philadelphia, as people pay their respects after basketball legend Kobe Bryant died in a helicopter crash
Reuters
23/50 26 January 2020
US singer-songwriter Lizzo performs onstage during the 62nd Annual Grammy Awards in Los Angeles
AFP via Getty
24/50 25 January 2020
A Lebanese anti-government protester in makeshift protective gear stands under a water jet as security forces move to disperse a demonstration near government headquarters at the Grand Serail, in downtown Beirut
AFP via Getty
25/50 24 January 2020
A protester holds a sign reading “On the move” mocking the LREM party’s slogan during a demonstration in Paris, as part as a nationwide multi-sector strike against the French government’s pensions overhaul
AFP via Getty
26/50 23 January 2020
A Chinese police officer wears a protective mask as he stands guard next to an ad before the annual Spring Festival at a Beijing railway station. The number of cases of a deadly new coronavirus rose to over 500 in mainland China as health officials locked down the city of Wuhan in an effort to contain the spread of the pneumonia-like disease which medicals experts have been confirmed can be passed from human to human
Getty
27/50 22 January 2020
Visitors wear face masks as they sit inside the Venetian casino hotel resort in Macau, after the former Portuguese colony reported its first case of the new SARS-like virus that originated from Wuhan in China.
AFP via Getty
28/50 21 January 2020
Marine One helicopter with US President Donald Trump on board arrives for the 50th World Economic Forum (WEF) in Davos, Switzerland
Reuters
29/50 20 January 2020
A man walks between burning tires during ongoing anti-government protests in Najaf, Iraq
Reuters
30/50 19 January 2020
Britain’s Prime Minister Boris Johnson, Congolese President Denis Sassou Nguesso, Turkish President Recep Tayyip Erdogan, French President Emmanuel Macron, German Chancellor Angela Merkel, (second row, left to right) arab League Secretary General Ahmed Abul Gheit, African Union (AU) Committee Chairman Moussa Faki, European Council President Charles Michel, German Foreign Minister Heiko Maas, US Secretary of State Mike Pompeo pose for a family picture during a Peace summit on Libya at the Chancellery in Berlin
AFP via Getty
31/50 18 January 2020
Sweden’s Jennie-Lee Burmansson competing in the final run of the Freestyle Skiing Womens Freeski Slopestyle at the Leysin Park in Leysin, during the 2020 Lausanne Winter Youth Olympic Games
AFP via Getty
32/50 17 January 2020
Firefighters take part in a demonstration to protest against the attacks against them during interventions in Strasbourg. During the New Year’s Eve night in Strasbourg, two firefighters were notably injured following a projectile thrown onto the window of their truck. Last weekend, three firefighters were victims of a stabbing by a person they came to rescue in the outskirts of the city.
AFP via Getty
33/50 16 January 2020
People enjoy the frozen lake of Houhai in Beijing ahead of the Lunar New Year of the Rat. – The Lunar New Year falls on January 25 this year and marks the Year of the Rat.
AFP via Getty
34/50 15 January 2020
Taiwanese soldiers operate a CM-11 battle tank during an exercise at a military base in Kaohsiung, southern Taiwan
AFP via Getty
35/50 14 January 2020
A resident who briefly returned home to retrieve belongings carries figurines of Jesus Christ and Mother Mary in Laurel, Batangas province, Philippines. The Philippine Institute of Volcanology and Seismology raised the alert level to four out of five, warning that a hazardous eruption could take place anytime, as authorities have evacuated tens of thousands of people from the area
Getty
36/50 13 January 2020
Mini’s driver Jakub Przygonski and his co-driver Timo Gottschalk compete in Stage 8 of the Dakar 2020 around Wadi Ad-Dawasir
AFP via Getty
37/50 12 January 2020
People take photos of a phreatic explosion from the Taal volcano from the town of Tagaytay in Cavite province, southwest of Manila
AFP via Getty
38/50 11 January 2020
An injured Syrian child cries after being transported to a clinic for treatment following an air strike by pro-regime forces on the nothwestern city of Idlib
AFP via Getty
39/50 10 January 2020
Vets and volunteers treat koalas at Kangaroo Island Wildlife Park, southwest of Adelaide, Australia
AAP Image/Reuters
40/50 9 January 2020
Devotees follow the carriage transporting the statue of the Black Nazarene during an annual religious procession in its honour in Manila. Thousands of barefoot devotees joined the religious procession hoping to touch a centuries-old icon of Jesus Christ, called the Black Nazarene, which is believed to have miraculous powers
AFP via Getty
41/50 8 January 2020
People stand near the wreckage after a Ukrainian plane carrying 176 passengers crashed near Imam Khomeini airport in Tehran
ISNA/AFP via Getty
42/50 7 January 2020
Mourners gather around a vehicle carrying the coffin of Iranian top general Qasem Soleimani during the final stage of funeral processions, in his hometown Kerman. Soleimani was killed outside Baghdad airport Friday in a drone strike ordered by US President Donald Trump, ratcheting up tensions with Iran which has vowed “severe revenge”. The assassination of the 62-year-old heightened international concern about a new war in the Middle East and rattled financial markets
AFP via Getty
43/50 6 January 2020
Actor Rose McGowan speaks at a news conference outside a Manhattan courthouse after the arrival of Harvey Weinstein, in New York. Weinstein is on trial on charges of rape and sexual assault, more than two years after a torrent of women began accusing him of misconduct
AP
44/50 5 January 2020
Mourners march behind a vehicle carrying the coffins of slain major general Qassem Soleimani and others as they pay homage in the Iranian city of Mashhad
Tasnim News/AFP/Getty
45/50 4 January 2020
Rescue personnel search for bodies among mud and debris following a landslide caused by heavy rain in West Java, Indonesia
EPA
46/50 3 January 2020
A burning vehicle at the Baghdad International Airport is seen following an airstrike in Baghdad, Iraq. The Pentagon said Thursday that the US military has killed Gen. Qassem Soleimani, the head of Iran’s elite Quds Force, at the direction of President Donald Trump
AP
47/50 2 January 2020
Boats are pulled ashore as smoke and wildfires rage behind Lake Conjola, Australia. Thousands of tourists fled Australia’s wildfire-ravaged eastern coast ahead of worsening conditions as the military started to evacuate people trapped on the shore further south
Robert Oerlemans via AP
48/50 1 January 2020
Photographer Matt Roberts reacts to seeing his sister’s house destroyed by a bushfire in Quaama, New South Wales, Australia
EPA
49/50 31 December 2019
A man rides a donkey cart against the last setting sun of 2019 in Lahore, Pakistan
Reuters
50/50 30 December 2019
A Skycrane drops water on a bushfire in Bundoora, Melbourne, Australia. According to local media reports, thousands of residents and tourists were forced to evacuate in the state of Victoria as soaring temperatures and winds fanned several bushfires around the state
EPA
“Our immediate aims are to increase returns, create the capacity to invest in the future, and build a platform for sustainable growth.”
The bank said it would shrink its sales and trading and equity research in Europe and shift resources to the Asian markets, which account for around half of HSBC’s revenue and 90 per cent of profits.
In the US, HSBC plans to grow its international-client corporate banking business.
Slow economic growth in HSBC’s major markets has also taken its toll.
The bank said the coronavirus outbreak has caused “significant disruption” for its staff, suppliers and customers, especially in the Chinese mainland and in Hong Kong.
“Depending on how the situation develops, there is the potential for any associated economic slowdown to impact our expected credit losses in Hong Kong and mainland China,” the bank warned.
“Longer term, it is also possible that we may see revenue reductions from lower lending and transaction volumes, and further credit losses stemming from disruption to customer supply chains. We continue to monitor the situation closely.”
Britain’s protracted withdrawal from the European Union, and the uncertainty this has brought, along with historically low interest rates around the world have similarly impacted HSBC’s profitability.
The bank operates in more than 50 countries across the globe, and employs more than 40,000 people based in the UK.
This will be the third time in a decade that HSBC has launched a structural overhaul in a bid to lift falling profits.
