HSBC Plans to Cut 35,000 Jobs as Challenges Mount in Asia

On Monday, Apple cut its sales expectations for the quarter and warned of the impact on the global supply chain.

“Parts of our business are not delivering acceptable returns,” said Noel Quinn, HSBC’s chief executive.

The bank reported a 33 percent fall in profit before taxes last year compared with the previous year, in part due to a so-called goodwill impairment of $7.3 billion. Mr. Quinn took the helm after the surprise resignation of the former chief executive, John Flint, in August.

The bank has already begun an overhaul that involves cutting back operations in the United States and Europe, Mr. Quinn said.

Article source: https://www.nytimes.com/2020/02/18/business/hsbc-job-cuts.html?emc=rss&partner=rss