HSBC to cut 35,000 jobs: why profits plunged

British bank announces 33% drop in profits and plans to slash branches in US

HSBC
(Image credit: Tolga Akmen/AFP/Getty Images)

British bank HSBC has announced a steep fall in profits and warned it will now cut 35,000 of its 235,000-strong global workforce. It is not known how many jobs will go in the UK.

Founded as the Hong Kong and Shanghai Banking Corporation in the mid-19th century, HSBC makes most of its profit in Asia, despite being headquartered in London. Most of the drop in profits has come from its European operations.

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