HSBC’s CEO said that it would now focus its wealth management business on 18 key economies, and limit retail banking to markets where it can achieve profitable scale.
The bank is also streamlining IT operations and the operational structure. It hopes to save up to $3.5bn (£2bn; 2.4bn euros)
The bank said it would be directing investment into fast-growing national economies including Mexico and Turkey, and to certain wider regions, such as Asia and the Middle East. Asia means China (including Taiwan and HK), India, Indonesia, Malaysia and S’pore.
The UK remains a core market.
Market was not impressed with HSBC shares down 0.8%. Analysts and investors were disappointed that the bank did not come out with more details e.g. the number of jobs that would be lost to show that the bank is serious.