Feb 21, 2021

HSBC intensifies pivot to Asia with job moves and US exit

HSBC is accelerating its "Pivot to Asia", moving top executives from London to Hong Kong, scrapping its US retail banking operation and planning further expansion in Singapore. Carrie Lam, Hong Kong's chief executive, has praised the bank in recent weeks, saying she would "Love" for HSBC to expand in the city. Alongside its annual results on Tuesday, the bank is also preparing to announce a withdrawal from consumer banking in the US after concluding it cannot turn around the struggling unit, some of the people said. In addition to China, HSBC also wants to expand in other fast-growing markets including Singapore and India, the senior figure at the bank said. Potential candidates to replace him include David Liao, head of Asia Pacific global banking, Mark Wang, head of China, and Louisa Cheang, chief executive of Hang Seng bank, in which HSBC holds a majority stake, according to two people close to the matter.

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