Investment Banking

HSBC plans $6bn in Asia investments as profits slump by 34%

The UK lender is shifting billions to Asia as part of its strategic overhaul

HSBC, led by Noel Quinn, unveiled a host of new cost-cutting measures and a strategic shift towards its biggest market of Asia
HSBC, led by Noel Quinn, unveiled a host of new cost-cutting measures and a strategic shift towards its biggest market of Asia Photo: Hou Yu/Getty Images

HSBC is sticking to cost-cutting measures that will see it strip out 35,000 jobs and will invest up to $6bn into Asia as profits at the UK lender slumped by more than 30% in 2020.

The bank is investing billions in its Asian wealth management and wholesale business, it said in a presentation accompanying its results, showing a shift in focus away from Europe as it moves key executives away from London.

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