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Europe’s largest bank, which is headquartered in the UK, cut 11,000 jobs last year, and has said it will continue to make savings throughout the course of this year while also cutting staff and moving others from the continent and the US to help with its push in Asia.
HSBC has set out a revised strategy to include more focus on wealth management in Asia, where most of its profits come from, in order to mitigate its exposure to record low interest rates in retail and business banking throughout Europe.
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