HSBC Bank employs over 2,35,000 staff around the globe, with a large presence in Hongkong. However, since January 2020, the Bank's offices in Hongkong and Mainland China have been significantly disrupted on account of the coronavirus outbreak. It is anticipated that maximum job losses will happen in HSBC's Global Banking and Markets division, which houses its investment banking and trading businesses. Also, staff in Europe and the US are likely to face the maximum brunt, as it is in these markets that the Bank has been struggling to make money. HSBC's business strategy is to secure a competitive position in the future. Aligning the restructuring with its business objective, it has decided to reduce its presence in the European markets, in domains such as sales, trading and equity research. It also plans to scale down bank branches by 30 per cent. Furthermore, the strategy is to shift more resources to Asia and the Middle East.