LONDON: HSBC will cut its global workforce by up to 50,000 as it exits Brazil and Turkey and mulls relocating headquarters back to Asia from London, the banking giant said on Tuesday (Wednesday in Manila).
Europe’s biggest bank aims to save up to $5.0 billion (4.4 billion euros) in annual costs within two and a half years as it seeks to boost profits and move past recent scandals that have scarred the British lender, including the rigging of foreign exchange markets.
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