HSBC plans to restructure its global banking division, slashing almost a fifth of jobs and shrinking its investment bank by 33% in an effort to cut costs and boost profits. The move is part of the bank's plan to focus on "core businesses" such as wealth management and asset management, which will be split into two separate units.
HSBC plans to restructure its global banking division, slashing almost a fifth of jobs and shrinking its investment bank by 33% in an effort to cut costs and boost profits. The bank is set to re-integrate capital finance business back into its global banking including the creation of a new corporate, financials and multinationals banking unit to improve shareholder returns following increased profitability and efficiency.