HSBC cutting staff by 10 pct

HSBC Holdings Ltd. says it plans to expand operations in China and the ASEAN region but intends to sell its operations in Turkey and Brazil in a restructuring and cost-cutting drive which includes a 10 per cent cut in staffing. The company said Tuesday that it aims to cut costs for up to $5 billion by the end of 2017 and reduce the number of full-time employees by 22,000. HSBC, based in London, says a review on whether to move its headquarters will be completed this year. Although planning to dispose of its operation in Brazil, HSBC says it plans to maintain a presence in that country to serve large corporate clients in their international dealings, according to AP.