HSBC will lay off 35,000 people and dump $ 100 billion in assets to meet the challenges of disruptive technologies such as blockchain

As new technologies such as blockchain disrupt traditional financial institutions, HSBC plans to fire about 35,000 global employees over the next three years, accounting for 15% of its total workforce. Its chief executive Noel Quinn revealed that the bank also plans to dump billions of dollars in assets by the end of 2022. It is reported that the ongoing changes in the banking industry have put pressure on traditional financial institutions struggling to cope with the disruption of fintech. As early as 2017, HSBC appointed an advisory group to explore ways to integrate blockchain, artificial intelligence and biometrics into its business models.