World's Third Largest Bank Looks To Asia For Its Future
The huge British bank HSBC says it is planning a major reduction in its headcount as part of a global overhaul of its business. Some 50,000 employees will be affected by the changes – half will be laid off, and half are in divisions that are being sold.
In addition, HSBC says it is shifting a large part of its investment heft to its Asia businesses, where it sees much more opportunity for growth. The bank will look at moving its headquarters from London to Asia as part of that shift.
Jason Bellini of The Wall Street Journal joins Here & Now’s Jeremy Hobson with details.
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