you know kristoff h.s.b.c. is not shutting those thousands of jobs in its investment banking unit because of breaks it but breaks it of course has contributed to uncertainty all over europe and to sluggish economic growth and activity all over europe so indirectly breaks it of course has contributed to the problems that age s.p.c. and but the basic problem is that especially the investment banking units of h.s.b.c. simply have not managed to run this business profitably the same problems applied to deutsche bank here in germany and in retail banking well the problems are the same for the whole sector also branches of age as b. c. has become very profitable especially in france and in the united kingdom so this is a just b. c. then just another example of one player trying to adapt to the changing reality in the financial sector. well yes the technological overhaul of the whole sector is something that has hit h.s.b.c. as well new leaner banks that offer new leaner banking products and services have entered the

joins us from london from fitch ratings h.s.b.c. is downsizing basically to focus on asia wouldn't you say that's pretty bad timing considering what i just made of the coronavirus and also that trade truce between china and the us which could be a little flimsy. i think his p.c. reviewed its strategy last year when it became apparent that the operating environment in parts of the world had become difficult and that made it for them unobtainable to reach their profitability target so what they know announced today is that they were concentrating on the areas where they see the best long term prospects for profitability certainly some short term headwinds and you mentioned the coronavirus that's certainly one of them but given the group's positioning internationally and its global coverage that is certainly a region that continued to perform very well in 2019 and way to group sees the best prospects for performance going forward and what does that say to you about considering the banks planning what it calls meaningful cuts to $14000.

sanctions against iran by the h.s.b.c. a claim that h.s.b.c. continued to process around transactions there is new york branch and conceal the conduct from the court appointed monitor holway is now seeking documents from h.s.b.c. of the investigation into the company and reports on the monitor which it says quote appears certain to contradict the allegations in the indictment this comes just one a u.s. judge rejected a separate lawsuit filed by a fall by challenging the constitutionality of a law that banned federal agencies from buying its products the judge ruled that contracting with federal government is a privilege not a constitutionally guaranteed right dealing a major blow to always broader strategy of fighting washington's pressure campaign . kristie it's fascinating because you know we see a lot of these. cases brought up in courts here in the u.s. but while we really think they're going to be able to win a court case in a federal court here in the united states when it's our government who is actually ruling against or is already you

last year europe's biggest bank has announced it's cutting around 15 percent of its global workforce h.s.b.c.'s interim head says over the next 3 years about $35000.00 jobs are likely to go as the company implements a radical overhaul the axe is likely to fall hardest on operations in europe and the u.s. nearly all of s.p.c. profits come from asia or the u.s. china trade war i'm coronavirus i've raised 70 shares in the bank drops over 2 percent. in other business news from around the world. italy's biggest lend lend some paolo has launched a $5000000000.00 euro takeover of smaller rival u.b.i. banca made the bed after u.b.i. announced 2000 job cuts together the banks would have revenues of $21000000000.00 euros and lists of long code for consolidation in the tally and banking sector is vulnerable to due to exposure to italian government and. the united states of blacklisted a subsidiary of rolls nafta the trump administration accuses the russian of propping up the venezuelan oil sector and dodging sanctions as part of an attempt by the united states to cut off a major source of income to pre

europe's biggest bank has announced it will be cutting around 15 percent of its global workforce h.s.b.c.'s interim head set the tone for the next 3 years around $35000.00 jobs are likely to be slashed worldwide nearly all of the banking giants profits come from asia where the u.s. china trade war and new coronavirus have raised uncertainty levels. the united states has blacklisted a subsidiary of rosneft the trump administration accuses the russian oil giant of propping up the venezuelan oil sector and the daunting sanctions as part of an attempt by the united states to cut off a major source of income to president nicolas maduro his regime in the country. sticking with oil a court in the hague is up held an appeal by shareholders of the defunct company you cost boosting their claims to as much as $50000000000.00 of compensation the russian for bankruptcy nearly 14 years ago leaving investors in the lurch russia's government is therefore likely to have to shoulder any payout. now the boy scouts of america are filing for bankruptcy protection as the 110 year old organization seeks to com

h.s.b.c. also drags down shares of the british lender is to slash jobs and shed assets in a drastic overhaul off the profits plunge and start chopping down trees byron medalists ironically told those plans to build clean cars in germany as it means here in the forest for the factory. as 3 visits countless companies face this predicament factory closures a sudden shortage in global supplies profit warnings all because a new type of virus has hit the world's 2nd biggest economy and gone global the highly networked tech behemoths apple is one of the 1st to clarify the extent of the cottage. shopping malls and stores closed across the country city streets empty as millions remain confined to their homes factories shows a reopening at a snail's pace none of this is good news for apple the world's most valuable tech company makes i phones of various sites across china and also sells millions of them at stores around the.

the london based bank h.s.b.c. says it will x. or around $35000.00 jobs worldwide reducing its workforce by 15 percent after a significant fall in profits while announcing the cuts the company issued a warning about the impact of the coronavirus outbreak in asia the bank reported a 33 percent fall in pretax profit for 2019 and aims to make 4 and a half $1000000000.00 worth of cost cuts in 2020 by 2022 h.s.b.c. currently operates in more than 60 countries in north america europe the middle east and asia and employs more than 40000 people in the u.k. . public transport has been brought to a standstill in the greek capital by staff striking against pension reforms around $10000.00 people marched through athens angry at reforms including encouraging employees to work for longer they say the proposal which has been submitted to parliament will drive pensioners into poverty pension reforms is a contentious issue in greece which is how the decade of international bailouts and austerity measures. ireland's coast guard house warn the publi

things and very chilly looking and fish of that speaking to us live from ontario along the base bank h.s.b.c. says it will answer around 30 $5000.00 jobs worldwide reducing its workforce by 15 percent after a significant fall in profits while announcing the cuts the company issued a warning about the impact of the corona virus outbreak in asia the bank reported a 33 percent fall in pretax profit for 2019 and anxious to make 4 and a half $1000000000.00 worth of cost cuts by 2022 inches p.c. currently operates in more than 60 countries in north america europe the middle east and asia and employs more than 40000 people in the u k. island's coast guard has warned the public to stay away from a large cargo ship which washed up after a large storm the 77 metre vessel was abandoned in the atlantic ocean i read year ago the wreck washed up on the coast of county cork in the aftermath of storm dennis which caused widespread damage across the u.k. and ireland over the last few days the boat called the outer was left by its crew off the mujer in september 28th. a quick reminder now of the top stories h

the bank h.s.b.c. says it will x. or around $35000.00 jobs worldwide reducing its workforce by 15 percent after a significant fall in profits while announcing the cuts the company issued a warning about the impact of the coronavirus outbreak in asia the bank reported a 33 percent for all in pretax profit for 2019 and aims to make a 4 and a half a $1000000000.00 worth of cost cuts in 2022. the u.s. is overtaken switzerland in an annual list of countries and territories helping wealthy individuals hide their income tax justice network estimates governments are losing $250000000000.00 a year in untaxed assets held an offshore accounts for the 1st time the cayman islands in the caribbean has been named the worst offender the us has been revealed as the 2nd worst in a neighboring financial security pushing switzerland into 3rd place the other top 10 nations include hong kong singapore luxembourg and the u.a.e. . residents in corona are demanding answers from the government after suspected gas leaks killed at least 14 peopl

understanding with this bankruptcy that not every scout leader was was a good guy the london based bank h.s.b.c. says it will act surround 35000 jobs worldwide reducing its workforce by 15 percent after a big fall in profits while announcing the cuts the company should a warning as well about the impact of coronavirus the bank reported a 33 percent full in pretax profit 2019 and names to make 4 and a half $1000000000.00 worth of cost cutting by 2022. arlen's coast guard has warn the public to stay away from a big cargo ship which is washed up on its southwestern shore after a massive storm it was abandoned in the atlantic ocean more than a year ago now washed up on the coast of county cork in the aftermath of storm dennis which caused widespread damage across ireland and the u.k. in the past few days. now a shadowy new group in parts of brazil's 2nd city appears to have become an even bigger force than the drugs gangs the group is known as the militia and it is said their influence is only growing john heilemann reports now from rio de janeiro. a gunfight in rio de janeiro reputedly between dru