HSBC to shed up to 50,000 jobs as focus shifts to Asia in global overhaul

HSBC announced on Tuesday it would cut up to a fifth of its 250,000-employee workforce and increase investment in Asia – where it generates more than half of its earnings – as the bank overhauls its global business, The New York Times reported, citing a statement from the company. 22,000-25,000 full-time jobs will be cut, with another 25,000 positions shed through the sale of businesses in Brazil and Turkey. However, chief executive Stuart Gulliver said the bank expected no positions to be cut in Hong Kong, according to South China Morning Post; he suggested instead that “there is an opportunity for us to potentially create another Hong Kong in Shenzhen and Guangdong.”