Jun 4, 2021

HSBC splits Asia leadership as it increases focus on China

HSBC will split its top leadership role in Asia between China and the rest of the continent, as the bank navigates a closer relationship with Beijing while piling more capital and resources into the region. Peter Wong, who has been the lender's chief executive in Asia for a decade, is to be replaced by co-heads David Liao, who will oversee its China strategy, and Surendra Rosha, who will manage the rest of the region. Liao, currently the group's head of Asia-Pacific global banking, is from Hong Kong and previously ran HSBC in China. The overhaul is part of a shake-up of the bank's global leadership that will also see four of its top executives relocating to Hong Kong from London. As part of a strategy revamp in February, Quinn promised he would "Move the heart of the business to Asia", while unveiling a deeper cull of underperforming operations in Europe and the US. He has committed $6bn of new investment in Hong Kong, China and Singapore and sold the bank's French and US retail branch networks to galvanise an overhaul, announced in 2020, that aims to redeploy more than $100bn of capital to Asia and slash 35,000 jobs.

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