One of the world's largest banks HSBC plans to cut up to 20,000 jobs globally. The bank is expected to lay off 8,000 employees in the United Kingdom alone as Europe’s biggest bank aims to reduce by about 7 percent its 266,000 workforce.
The bank also announced that it wants to sell its businesses in Turkey and Brazil, while increasing investments in Asia, including China and Southeast Asia, Sputnik News reports, citing to BBC.
"We recognize that the world has changed and we need to change with it. That is why we are outlining the following - strategic actions that will further transform our organization," Chief Executive Stuart Gulliver said in a statement.