HSBC sets new cost cutting, profit targets after 2019 profit falls 33%

HONG KONG/LONDON (Reuters) - HSBC Holdings PLC on Tuesday unveiled plans to cut costs and simplify its structure to boost earnings, after its 2019 profit dropped 33% hit by one-time write-offs linked to its investment banking and commercial banking businesses in Europe.The wider strategy overhaul comes amid slowing economic growth in HSBC's major markets, an outbreak of a fast-spreading coronavirus, Britain's protracted withdrawal from the European Union, and lower central bank interest..