The Wall Street Journal: HSBC to cut 35,000 jobs as part of plan to scale back operations

HSBC headquarters is seen at the financial Central district in Hong Kong, China

LONDON— HSBC Holdings PLC

HSBC, -0.71%

HSBA, -5.64%

  said it would cut 35,000 jobs and $100 billion in assets in the next three years as it scales back its operations in the U.S., mainland Europe and its investment bank.

Europe’s biggest bank by assets plans to invest more in its fast-growing Asian and Middle Eastern operations to boost profit. HSBC operates in more than 50 countries but makes half its revenue in Asia.

The bank said Tuesday that net profit fell 53% to $5.97 billion last year.

The 155-year-old lender is reorganizing its business as political challenges destabilize its main markets, with uncertainty about the U.K. economy as it leaves the European Union, antigovernment protests in Hong Kong and trade tensions between the U.S. and China.

An expanded version of this story is available at WSJ.com

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