banking giant hsbc today launched one of the most radical strategic overhauls by a blue-chip lender in the past decade in a bid to revitalise its stuttering operations. quinn said the job cuts would be partially managed through natural attrition as opposed to outright job cuts as existing employees leave hsbc, but its investment bank is likely to take a hefty proportion of the cuts. in july, deutsche bank confirmed that it plans to cut 18,000 jobs over three years, as part of a turnaround plan by chief executive christian sewing. hsbc is cutting the number of regional executive roles from seven to four in a bid to trim costs, and said it would make substantial changes to its overall group structure by merging the “back and middle office” sections of its investment bank and commercial bank. its investment banking division is in the spotlight after reporting a nine per cent drop in profit in 2019. the unit has underperformed its commercial and retail counterparts in recent years, accounting for increased costs but a lower share of profit.
hsbc also said it would “reposition” itself in the us, it’s worst-performing region, by slashing its retail branch network by almost a third, reducing operating costs between 10 and 15 per cent, and shifting its fixed-income trading division to london. despite some investors expecting a new boss to be in place to implement the radical overhaul, hsbc has not yet announced a new permanent chief executive. “it seems perverse that the business currently has an interim chief executive in charge, in noel quinn, just when it is launching a major restructuring,” said aj bell’s russ mould. the bank has imposed an outright ban on staff travelling to mainland china, the centre of the outbreak, and has extended a ban on staff travelling to hong kong, where its asian operations are based. hsbc said this morning that it expects to incur restructuring costs of around $6bn, the bulk of it in this year and the next.
hsbc aims to be where the growth is, enabling businesses to thrive and economies to prosper, and the hsbc strategy is based on capturing growing international financial flows and global economic development and hsbc on tuesday reports 2019 results and will set out its new strategy, where interim chief executive, hsbc strategy update 2020, hsbc strategy update 2020, hsbc strategy update 2019, hsbc strategy presentation, hsbc marketing strategy. hsbc\’s strategic advantages help us to connect customers to opportunities worldwide. we are a leading international bank with access to high-growth markets. we maintain a privileged position in high-growth markets, particularly in asia and the middle east. … our balance sheet strength is a further strategic advantage.
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