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HSBC signals mass job cuts as profits plunge

HSBC signals mass job cuts as profits plunge

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4 comments

  1. If you’ve ever used their banking app or website, you’ll see they truly deserve this. No bank in 2020 should be using a web wrapper as an app.

  2. This is the best tl;dr I could make, [original](https://www.bbc.com/news/business-51499776) reduced by 84%. (I’m a bot)
    *****
    > HSBC, which makes the bulk of its revenue in Asia, reported annual profit before tax of $13.35bn. It said the fall in profits was mainly due to $7.3bn in write-offs related to its investment and commercial banking operations in Europe.

    > HSBC has said some of the cutbacks will be in its European and US investment banking businesses, although it has not been specific about where the job cuts will fall.

    > With most of its profits coming from Asia – and with an expectation that the region is the best bet for long term prospects – the bank's cuts will focus on its European and US operations.

    *****
    [**Extended Summary**](http://np.reddit.com/r/autotldr/comments/f5q4ug/hsbc_signals_mass_job_cuts_as_profits_plunge/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ “Version 2.02, ~469474 tl;drs so far.”) | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr “PM’s and comments are monitored, constructive feedback is welcome.”) | *Top* *keywords*: **bank**^#1 **HSBC**^#2 **profit**^#3 **investment**^#4 **Asia**^#5

  3. I wonder if the bankers gave themselves a big pay rise which drained the profits and then said ah let’s sack some people so we can keep it…

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