February 18, 2020 4:25 PM
Instead, it will accelerate investments in Asia, from where the bank draws the bulk of its profits even as risks from the Hong Kong protests and the coronavirus outbreak persist. In the US, assets linked to its trading operations will be nearly halved under the new plan. HSBC is also scaling bank its retail network by 30%.“We are intending to exit a lot of domestically-focused customers in Europe and the US on the global banking side,” Chief Financial Officer Ewen Stevenson said in a Bloomberg Television interview.
Reacting to the HSBC restructuring plan on Bloomberg Television, Alan Higgins, chief investment officer of Coutts & Co, said the fresh strategy made sense, but that it was “on the conservative side”.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
HSBC 2019 profit falls 33%, misses estimatesHONG KONG/LONDON: HSBC Holdings PLC on Tuesday posted a fall of 33% in annual profit, lagging analyst estimates, mainly due to a goodwill impairment of $7.3 billion related to its investment banking and commercial banking businesses in Europe.
Source: staronline - 🏆 4. / 75 Read more »
US says it has thwarted US$6 bil Russia-Germany gas pipelineTrump has assailed Germany for giving 'billions' to Russia for gas while it benefits from US protection. FMTNews Russia German Trump
Source: fmtoday - 🏆 5. / 72 Read more »
HSBC 2019 profit falls 33%, misses estimatesHONG KONG/LONDON: HSBC Holdings PLC on Tuesday posted a fall of 33% in annual profit, lagging analyst estimates, mainly due to a goodwill impairment of $7.3 billion related to its investment banking and commercial banking businesses in Europe.
Source: staronline - 🏆 4. / 75 Read more »
HK leader increases funds to tackle virusCity-state’s government increases financial aid by HK$3 bil. FMTNews HK
Source: fmtoday - 🏆 5. / 72 Read more »
Amazon's Bezos launches US$10 bil fund against climate changeHundreds of the company's employees demanded it do more to tackle the issue last month. FMTNews
Source: fmtoday - 🏆 5. / 72 Read more »
Talks with Saudi to defuse Gulf crisis stall, says Qatar | The Malaysian InsightKingdom, allies cut all diplomatic, trade and transport ties with Qatar in June 2017.
Source: msianinsight - 🏆 8. / 63 Read more »