HSBC PLC may be scaling back in countries and businesses around the world, according to a strategy unveiled on Tuesday, but Asia is one area the bank is bullish on. Executives on Tuesday repeatedly referenced the bank’s “pivot to Asia,” –a move they say has already been taking place and which is set to increase further in coming years. Countries in Asia are fast-growing and will continue to contribute to the bank’s bottom line, executives said. That’s why, even as the bank announced plans to exit Turkey and most of Brazil, as well as up to 50,000 job cuts by 2017 as a result of those disposals and an investment banking shakeup, Asia remains key. [WSJ]
Layoffs Watch '15: HSBC Was Kidding About Cutting 20k Jobs (It's Going To Be A Lot More Than That)
Something in the range of double that...and then some.