HSBC profits fall 33% as bank moves to shed 35,000 jobs

HSBC has put in place a drastic plan to save $4.5bn a year and dispence with $100bn of underperforming assets by the end of 2022. The London-headquartered international giant, which makes 90% of its profits and 50% of its revenue in Asia, released its full-year results for 2019 showing a 33% fall in profits YoY. The bank posted a net profit of $5.97bn, down from $12.61bn in 2018 but still a far cry from the $1.6bn posted for 2016. The bank attributed much of the loss to its investment bank...