LONDON: Scandal-hit bank HSBC said Tuesday it would cut its global headcount by up to 50,000 as part of a restructuring that entails its withdrawal from Brazil and Turkey, while it also mulls abandoning London as its HQ.

The Asia-focused lender added in a statement that it intended to save up to $5 billion (4.4 billion euros) in annual costs within two and a half years as it seeks to boost profitability.

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