HSBC will cut costs by as much as $5 billion within two years, selling its units in Brazil and Turkey and laying off as many as 50K staff, Europe’s biggest bank told investors in a much-anticipated update.
In a statement to the Hong Kong Stock Exchange, HSBC said it would also shrink its risk-weighted assets by about $290 billion, including cutting its global banking and markets risk-weighted assets to less than a third of the group’s assets.
The bank will also target an ROE of more than 10% by 2017, down from a previous goal of 12%-15% by 2016.
Layoffs in Dubai’s offices will take place from 1st of July onward, according to an insider’s information.
