HSBC will cut costs by as much as $5 billion within two years, laying off as many as 25,000 staff, the banking behemoth told investors Tuesday in a much-anticipated update.
The bank said that it would shrink its risk-weighted assets by about $290 billion, including cutting its global banking and markets risk-weighted assets to less than a third of the group's assets.
Europe's largest bank by assets also revealed plans to streamline its 260,000 strong workforce and trim its branch numbers by around 12 percent. The bank said it intended to sell its Turkish and Brazilian operations—although it will maintain a presence in Brazil to serve large clients—in what the it called a "significant reshaping of its business portfolio".
Read MoreHSBC shakeup: What you need to know