HSBC will relocate its top four executives from London to Hong Kong, one more than expected, as the bank continues to push for strategic transfers to Asia.
In an internal memo on Wednesday, Chief Executive Noel Quinn said Greg Gayet, co-chief of global banking and markets, Nuno Matos, chief executive of assets and personal banking, and Barry O’Byron, chief executive of global commercial banking, moved in the second half of the year.
HSBC hinted earlier this year that the executives would go to Hong Kong, possibly because the 156-year-old nder has a historic history. They will be joined by Nicholas Mora, head of asset management, whose departure from London was not previously reported.
The transfer of these four executives means that almost all of HSBC’s global revenue departments will move out of Hong Kong. The decision is also symbolic of the bank’s consideration Fragile geopolitical positionAs they face the future of Hong Kong, they have fallen into tense tensions between the West and China.
“These measures underscore the importance of the Asia-Pacific region. . .[which is]The focus of our future growth, “Quinn said in the email, was seen by the Financial Times.” An important part of our global strategy is to lay the groundwork for Asia’s leading population. “
As part of a Reconstruction strategy In February, Quinn pledged that she would “focus on Asia with leadership,” while inaugurating a wide range of performing operations in Europe and the United States.
HSBC was under pressure from investors to make rapid progress in rebuilding its vast global network, where pre-2020 tax profits fell 45 percent between the coronavirus epidemic and ultra-low interest rates to দেশে 12.1 billion in 30 countries. Rate
Quinn’s latest plan, which includes b 6 billion of new investment in Hong Kong, China and Singapore and sales of French and US retail network networks, is intended to encourage previous reviews. Announced in 2020 The goal is to repurpose more than $ 100 billion in capital in Asia and cut 35,000 jobs.
HSBC has prioritized the expansion of asset and asset management in the region – particularly China, Singapore and India – and has pledged to invest $ 6.3 billion and hire more than 5,000 asset advisors.
Despite taking executive action steps, Quinn was wary of emphasizing the continuing importance of London. Rumors spread year after year that the bank would move its headquarters from the UK – a proposal that was reviewed and rejected in 2015. Those rumors have only been intensified by Brexit and geopolitics.
“We expect that some of the roles that worked directly with Barry, Greg and Nuno will move with them to Hong Kong, but most will remain where they are now,” he said in the memo. “Apart from that, we are not planning any larger job movement from London to Hong Kong.”
“We are fully committed to the UK in terms of our residency and our significant business and our client base in the country,” he added. “These measures will have no effect on the location of our headquarters,” the top official or board, which he promised to stay in London.