HSBC To Cut 25,000 Jobs Globally

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HSBC announces it will cut 25,000 jobs globally over the next two years and sell off all operations in Turkey and Brazil. It's the second time in four years that the bank has attempted to implement sweeping reforms after being mired in money laundering scandals in the US, tax avoidance accusations in Switzerland and the mis-selling of financial products in the UK. So what are HSBC's options now? A retreat from investment in favour of retail banking is one possibility - we talk to the bank's former chief economist Roger Bootle about HSBC's strategy. The founder of Alibaba, the online Chinese mega marketplace, is in the US hoping to increase investment in his company. Jack Ma is turning his attention to small American businesses who he hopes will sell their wares on his platform. Samira Hussein is in New York following his charm offensive. The Spanish resort of Magaluf, notorious for boozy Brits misbehaving, has had enough and has banned drinking in the street and will impose fines on other activities it sees as harmful to the city. A local bar owner gives her opinion on the new laws. And can a bit of Verdi lower your blood pressure? (Photo: A shuttered branch of HSBC in Brazil. Credit: Getty)