"HSBC is now undertaking a significant reshaping of its business portfolio. It is redeploying resources to capture expected future growth opportunities and adapting to structural changes in the operating environment," the bank’s press release reads.
The bank also announced that it intends to sell its businesses in Turkey and Brazil, while stepping up investments in Asia, including China and Southeast Asia.
"We recognize that the world has changed and we need to change with it. That is why we are outlining the following… strategic actions that will further transform our organization," Chief Executive Stuart Gulliver said in a statement.
HSBC hopes to slash its costs by $5 billion within two years.
In 2011, Gulliver initiated a similar shake-up plan that resulted in 40,000 employees being made redundant.
