The British bank HSBC said on Tuesday that it will lay off nearly 50,000 jobs as it is selling its several underperforming businesses.
The bank said that it would eliminate 22,000 to 25,000 full-time jobs, or about 10 % of its work force, by the end of 2017.
The bank has said it is also planning to reduce it head count by another 25,000 through the sale of its underperforming businesses in Turkey and Brazil.
It is also looking forward to increase its investment in Asia, where it generates more than half of its earnings.
The bank said it would complete a review of whether to move its headquarters from Britain by the end of the year.