HSBC Holdings, Europe's largest bank, plans to eliminate as many as 25,000 jobs and sell operations in Turkey and Brazil to help restore profit growth.
Under a three-year plan, HSBC will cut full-time employees by 22,000 to 25,000, or about 10 percent, it said in a presentation to investors on its website on Tuesday. The sale of businesses will lower headcount by a further 25,000, helping cut annual costs by $4.5 billion to $5 billion by the end of 2017. The bank left its profitability target unchanged.
Chief Executive Officer Stuart Gulliver, 56, is looking to restore investor confidence in a bank battered by a series of scandals and surging compliance costs. Since taking over in 2011, he's announced more than 87,000 jobs cuts, exited about 78 businesses and reduced the number of countries the bank operates by 15 to 73.