HONG KONG — HSBC plans to cut 35,000 jobs over the next three years as the global bank scales back its Western operations to focus on faster-growing Asian markets, particularly China.

The London-based bank announced Tuesday that it aimed to cut $4.5 billion in costs, as it faces headwinds like the coronavirus outbreak in China and months of political strife in Hong Kong, one of its most important markets.

The coronavirus is causing economic disruptions in Hong Kong and mainland China that could hurt HSBC’s performance this year, the bank warned. It lowered expectations for growth across Asia for this year but added that it expected some improvement once the virus was contained. Nearly half of the bank's revenue comes from Asia.

Yet the announcement was a sign that, despite those issues, HSBC sees little upside ahead in developed markets like Europe and the United States. (In some ways, it is a return to HSBC’s roots: The bank was founded in the 19th century as the Hongkong and Shanghai Bank.)