35,000 jobs on the line as HSBC's profits continue to dip

35,000 job owners would lose their banking jobs as HSBC profits for 2019 continues to witness a decline, dipping by 33%.

As part of it's plans to restructure, the bank is looking to cut $4.5bn (£3.5bn) of it's running cost by 2022.

Noel Quinn, interim chief executive, said HSBC would cut its headcount from 235,000 to around 200,000 over the next three years.

HSBC, which makes the bulk of its revenue in Asia, reported an annual profit before tax of $13.35bn (£10.3bn).

It explained that the fall in profits was mainly due to its investment and commercial banking operations in Europe.

The 35,000 job losses are deeper than expected, and represent about 15% of the workforce. Analysts had expected a figure of around 10,000 job cuts.

The bank currently operates in more than 50 countries across North America, Europe, the Middle East and Asia. It employs more than 40,000 based in the UK.

HSBC said the drop in profits was due to $7.3bn in write-offs related to its global banking and markets and commercial banking business units in Europe.