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HSBC Holdings, Europe's largest bank by market value, will cut up to 25,000 jobs globally to reduce costs and shift its center of gravity further toward the fast-growing Asian economies where it started operations 150 years ago. The bank, which is based in London and has a value of around 120 billion pounds ($184 billion), said Tuesday it is "undertaking a significant reshaping of its business portfolio" and "redeploying resources to capture expected future growth opportunities." Though it has not yet decided whether to move its headquarters, the bank's statement shows clearly where it thinks its commercial future lies — China and the Asia-Pacific region.
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