HSBC goes all-in on Asia as bank sets out on major overhaul with 35,000 jobs cuts

Asia accounted for about half of HSBC's revenue in 2019 and contributed almost all of its operating profit, more than enough to offset losses in Europe. PHOTO: REUTERS
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HONG KONG (BLOOMBERG) - HSBC, which generated about half its revenue in Asia last year, is accelerating its investment in the region even as it announced its biggest overhaul with plans to cut up to 35,000 jobs over three years and shrink its investment bank in the US and Europe.

Europe's biggest lender, created 155 years ago as a merchant bank in Hong Kong, is betting that a China slump sparked by the coronavirus will be fleeting. Even if it's right about the impact of the virus, protests in Hong Kong remain a persistent risk in its biggest market. Complicating matters is the fact that HSBC hasn't yet announced who will lead this push as the bank's permanent chief.

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