Shares of HSBC Holdings Plc were losing around 6 percent in London trading after the British bank focused on Asia reported sharp drop in fiscal 2019 profit, hurt mainly by a hefty impairment charge, despite revenue growth. Further, the company announced a new cost reduction plan of $4.5 billion, which reportedly will include the slashing of 35,000 jobs. HSBC also plans to suspend share buy-backs.
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