"HSBC has announced it will axe 35,000 jobs worldwide as part of a major restructuring after the bank's profits fell by a third last year. The bank is aiming to scale back its headcount from 235,000 to 200,000 over the next three years as it attempts to cut 3.5bn in costs by 2022 and shed more than 70bn of assets. It said last year's fall in profits was largely due to 5.6bn in write-offs related to its Global Banking and Markets and Commercial Banking divisions in Europe." Feb, 2020, Independent Do you agree with concept of large corporations laying off large number of employees in bad time? Discuss you views under the light of Theory E and O and the mega trends of fintech companies disrupting the financial sector.