Feb 18, 2020

Opening Quote: HSBC cuts tens of thousands of jobs in restructuring

We are much clearer about HSBC's future this morning after interim chief executive Noel Quinn unveiled the bank's widely anticipated restructuring plan. As a result of the overhaul, the bank hopes to create a leaner, more profitable lender but it will have to wait until the coronavirus outbreak is brought under control. Intesa Sanpaolo, Italy's biggest domestic lender, has launched a €4.86bn takeover bid for its rival UBI Banca in an audacious attempt to kick-start consolidation in Italy's fragmented banking sector. If successful, the combination would create the seventh-largest bank in the eurozone, with €1.1tn in assets. Lombard Results from RBS and Barclays last week and HSBC today show three British banks with mixed affections for investment banking.

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