We are much clearer about HSBC’s future this morning after interim chief executive Noel Quinn unveiled the bank’s widely anticipated restructuring plan.

Gone are the global ambitions and with it tens of thousands of jobs. HSBC will become a smaller, Asia-focused, commercial and retail lender. The investment bank will shrink significantly and resources in Europe and the US will be redeployed to Asia. The private banking division disappears. It will be merged with retail banking, paving the way for the departure of António Simões, the head of the private bank who was once seen as a potential CEO of the group.

As a result of the overhaul, the bank hopes to create a leaner, more profitable lender but it will have to wait until the coronavirus outbreak is brought under control.

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