HSBC has announced it will cut around 35,000 jobs worldwide as part of plans to shore up its finances after profits fell by 33 per cent in the last financial year.
The bank is aiming to reduce costs by $4.5 billion (£3.5 billion) by 2022 as part of a major restructuring plan which includes cutting the organisation's head count from 235,000 to around 200,000 over three years.
The job cuts represent about 15 per cent of HSBC's global workforce and the number is far larger than the 10,000 estimated by analysts.
Noel Quinn, group chief executive, said: "The group's 2019 performance was resilient, however parts of our business are not delivering acceptable returns.
"We are therefore outlining a revised plan to increase returns for investors, create the capacity for future investment and build a platform for sustainable growth.
"We have already begun to implement this plan which my management team and I are committed to executing at pace."
The fall in profits is mainly due to $7.3 billion in write-offs related to HSBC's European investment and commercial banking operations.
The bank has also warned over the coronavirus outbreak in Asia, stating it could impact profits in 2020.
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Mr Quinn added: "Depending on how the situation develops, there is the potential for any associated economic slowdown to impact our expected credit losses in Hong Kong and mainland China.
"Longer term, it is also possible we may see revenue reductions from lower lending and transaction volumes and further credit losses stemming from disruption to customer supply chains. We continue to monitor the situation closely."
HSBC says, to achieve its targets, it expects to incur restructuring costs of around $6 billion and asset disposal costs of around $1.2 billion during the period to 2022, with the majority of restructuring costs incurred in 2020 and 2021.
'It is always the frontline staff that bear the brunt'
Workers union Unite has called for talks over the plans to cull jobs in the 海角视频.
The organisation, which represents nearly 20,000 HSBC staff mainly working in branches and contact centres, says it wants to discuss the "serious implications" for 海角视频 employees.
It said a "line in the sand" needs to be drawn over the banking giant’s "continual salami slicing of jobs".
Unite national officer for finance Dominic Hook said: “Despite HSBC still making billions of dollars of profit, once again hardworking and dedicated staff have woken up to the news that their job could be at risk.
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“Unite is seeking urgent discussions with senior management to understand the serious impact of this announcement and what it will mean for our members in the 海角视频.
“Banks are always going on about their human face in their marketing campaigns, but it is always the frontline staff that bear the brunt of the cost-cutting, salami slicing plans – we need to draw a line in the sand over this business model.”
HSBC currently operates in more than 50 countries across North America, Europe, the Middle East and Asia. It employs more than 40,000 people in the 海角视频.