HSBC to Slash Investment Bank, 35,000 Jobs in Strategy Overhaul

HSBC said it would shed $100 billion in assets, shrink its investment bank and revamp its U.S. and European businesses that will mean 35,000 jobs at risk.

The HSBC Holdings Plc headquarter stands in the Canary Wharf business, financial, and shopping district in London, England, on Feb. 15, 2016. Dan Kitwood/Getty Images

HONG KONG/LONDON—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.

The bank, which has struggled to keep pace with leaner and more focused rivals, is seeking to become more competitive as it grapples with slowing growth in its major markets, the coronavirus epidemic, Britain’s European Union exit and lower central bank interest rates.