It's still beat analyst forecasts, but the big decline has led the bank to signal it will overhaul its business model, turning its main source of income from interest rates to fee based businesses.

Hey, HSBC will also accelerate plans to shrink in size aunt slash costs further than previously suggested.

The plan changes would mark one of the biggest shifts in hatred species strategy to date.

The bank has long advertised its ability to generate interest income from or than $1.5 trillion in customer deposits.

But with the global health crisis hitting markets, interest rates worldwide are at rock bottom and even turning negative.

The turnaround has left HSBC struggling to charge more for loans to borrowers than it pays out to depositors.

It also said it could start charging for products like current accounts that would potentially marked a big change in markets like the U.

K, where customers are used to free banking with fewer ways to grow revenue.

The bank has looked to reduce costs globally.

In June, it resumed plans to cut around 35,000 jobs.

After delaying the move due to the health crisis, HSBC said Tuesday it plans to bring annual costs to below $31 billion by 2022.

News of the restructuring Health shares in the lender climb as much as 6% in early trade.