Strategies will include exiting markets where retail banking hasn’t been profitable, like it’s recently done in Russia, but the bank didn’t name which countries are next on the list.
In wealth management, HSBC will also re-focus the business on 18 markets, down from 87.
The cards business in the US, which is profitable, could also be disposed.
The efficiency measures will include streamlining IT operations and simplifying the group’s organization.
HSBC chief executive Stuart Gulliver said this is not about shrinking the business but about creating capacity to reinvest in growth markets and to provide a buffer against regulatory and inflationary headwinds.
"The move to cut costs highlights HSBC’s challenges in mature markets like the US and Europe and its focus on Asia and emerging markets," Gulliver said.
Gulliver said there is no plan to pull back from top European markets including the UK, Germany and France, and that it will continue to look to connect business customers in Europe with Asia and other parts of the world.
