HSBC is to shed thousands of staff around the world as it looks to restructure its global operations.
The bank is set to lose 25,000 jobs globally, with up to 8,000 being lost in the UK.
HSBC announced last month that it was reviewing where it is headquartered; currently it is based in London.
It intends to sell its operations in Turkey and Brazil, targeting annual cost-saving initiatives of $4.5-$5.0bn by 2017.
In parallel HSBC intends to accelerate investments in Asia. HSBC plans to develop its business in both the Pearl River Delta in Guangdong province, China, and in the ASEAN region. HSBC will expand asset management and insurance in Asia with the aim of capturing expected opportunities from emerging wealth in the region.
Stuart Gulliver, group chief executive, said: “HSBC has an unrivalled global position: access to high growth markets; a diversified universal banking model with strong funding and a low risk profile; and strong internal capital generation with industry leading dividends.
“The world is increasingly connected, with Asia expected to show high growth and become the centre of global trade over the next decade. I am confident that our actions will allow us to capture expected future growth opportunities and deliver further value to shareholders.”
