HSBC cutting staff by 10%, more emphasis on Asia

People walk past a logo of HSBC headquarters in Hong Kong. AP

LONDON — HSBC Holdings Ltd. says it plans to expand operations in China and the ASEAN region but intends to sell its operations in Turkey and Brazil in a restructuring and cost-cutting drive which includes a 10 percent cut in staffing.

The company said Tuesday that it aims to cut costs for up to $5 billion by the end of 2017 and reduce the number of full-time employees by 22,000.

HSBC, based in London, says a review on whether to move its headquarters will be completed this year.

Although planning to dispose of its operation in Brazil, HSBC says it plans to maintain a presence in that country to serve large corporate clients in their international dealings.