HSBC has promised to shed 50,000 jobs over the next two years by closing retail branches, shrinking its investment bank and selling its Brazilian and Turkish operations as it shifts resources to more promising Asian markets.
Stuart Gulliver, HSBC’s chief executive, promised a “pivot to Asia” strategy, slimming down poor performing operations in Europe and the Americas while redeploying resources to areas such as the Pearl River Delta, in industrialised southern China.
He also raised the pressure on the government to roll back a planned tax and regulatory clampdown on banks by listing the criteria it will use to decide by December whether to keep its headquarters in the UK.