HSBC sets new cost cutting, earnings targets after 2019 profit falls 33%
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HONG KONG/LONDON (Reuters) - HSBC Holdings PLC on Tuesday unveiled plans to cut $100 billion (76.93 billion pounds) in assets, slash its investment bank and restructure in the United States and Europe, as it launched its biggest overhaul in years in a bid to improve returns.The restructuring announcement comes against the backdrop of its 2019 profit before tax dropping 33%, hit by one-time write-offs linked to its investment banking and commercial banking businesses in Europe.The wider strategy..