HSBC to shed 50,000 jobs

London-based HSBC will shed 50,000 jobs in the coming years as it slashes costs and sells parts of the bank to focus on Asia.

The changes are part of restructuring efforts designed to save the bank $5 billion a year by 2017, according to CNNMoney.

HSBC plans to sell its Brazil and Turkey businesses, which would reduce the company's headcount by 25,000. It also announced it would cut another 22,000-25,000 jobs bankwide, reducing its employee count to around 208,000. The company reduced its staff by nearly 40,000 between 2011 and 2014.

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