The bank, which has struggled to keep pace with leaner and more focused rivals, is seeking to become more competitive as it grapples with slowing growth in its major markets, the Covid-19 coronavirus epidemic, Britain's European Union exit and lower central bank interest rates.
The restructuring, one of the largest undertaken by a blue chip lender for more than a decade, will be partly managed through natural attrition as people leave the bank, he said. HSBC veteran Quinn is auditioning for the permanent role of CEO, which the bank said in August would be announced within six to 12 months.
Europe's biggest bank by assets, which makes the bulk of its revenue in Asia, said profit before tax tumbled by a third to $13.35 billion in 2019, far below the average estimate of $20.03 billion from brokerages compiled by the bank. HSBC, which has bought back some $6 billion of its own shares since 2016, said it would suspend buybacks for two years in order to pay for the restructuring but would maintain its dividend.
While strengthening its investment banking capabilities in Asia and the Middle East, the bank will maintain a global investment banking hub in London, reducing its European footprint for the business.