HSBC is said to be switching resources back to Asia as its major restructuring plans, originally announced last February and paused after Covid-19 struck, are back on with renewed vigour.
Leading UK financial newspaper The Financial Times quotes an unnamed source which says that HSBC has to appreciate that China is where its main opportunities lie.
It was reported that the restructuring plans, which initially included the loss of 35,000 jobs, cost-savings of over $US4bn and the sale of key US and European assets, have actually been stepped up after the pandemic swept around the world. Bank executives are being pressed to deliver a major reconstruction which will see the company’s focus switch to Asia said the piece.
Although plans are said to be underway, it will take some time to complete the radical reconstruction.
HSBC did not to respond to the story.