HSBC axes 35,000 jobs as profits slump due to coronavirus

Banking giant HSBC today axed 35,000 jobs, far more than expected, and posted slumping annual profits over the financial impact of the deadly coronavirus. Pre-tax profits tumbled by a third to $13.3 billion (12.3 billion euros) in 2019 from a year earlier, largely owing to a $7.3-billion write-off related to its investment and commercial banking businesses in Europe.