The bank HSBC has announced 35,000 job cuts over three years as part of a major reorganisation and cost saving plan. The announced job cuts represent about 15% of the group's global workforce. The interim chief executive said that the Bank expects a decline of the workforce from the current level of 235,000 to 200,000 in 2022. HSBC operates in 64 countries. The company explains there would be job cuts in the UK, mainly London-based since the affected units include its head office operations as well as its global banks and markets business. The bigger share of job cuts will occur in EU operations where HSBC faces losses.