HSBC to shrink i-banking business, cut 35,000 jobs in strategy overhaul

HSBC to shrink i-banking business, cut 35,000 jobs in strategy overhaul

People walk past a major branch of HSBC at the financial Central district in Hong Kong, China February 21, 2017. REUTERS/Bobby Yip

HSBC Holdings PLC said on Tuesday it would shed $100 billion in assets, shrink its investment bank and revamp its U.S. and European businesses in a drastic overhaul that will mean 35,000 jobs cut over three years.

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