HSBC going to cut almost 50,000 jobs from its payroll, going to reduce its investment bank and shrink its risk weighted assets by $ 290 billion, the bank said on Tuesday.

The job cut will be affecting almost a fifth of the bank’s workforce that involves 25,000 staff from the expected sales of the lender’s Brazil and Turkey units and 22,000-25,000 from consideration of IT and back office operations and branch closures.

HSBC without providing any details regarding how many people will be recruited said that the cut will be completed by 2017 and will be followed by some hiring in the growth businesses and the bank’s compliance division.

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