HSBC in strategy overhaul

Comprehensive change: The bank is undergoing a big overhaul. — Bloomberg

HONG KONG: HSBC Holdings PLC says it will shed US$100bil in assets, shrink its investment bank and revamp its US and European businesses in a drastic overhaul that will mean 35,000 jobs cut over three years.

The bank, which has struggled to keep pace with leaner and more focused rivals, is seeking to become more competitive as it grapples with slowing growth in its major markets, the coronavirus epidemic, Britain’s European Union exit and lower central bank interest rates.