The London-based lender is planning cost reductions of US$4.5 billion (HK$35.1 billion) for underperforming units in the United States and Europe. "Parts of our business are not delivering acceptable returns," interim chief executive Noel Quinn said in the bank's full-year earnings statement. In the United States, assets linked to its trading operations will be nearly halved under the new plan. At the same time, HSBC appointed Barry O'Byrne as chief executive of global commercial banking and Charlie Nunn as chief executive of the newly created wealth and personal banking unit. Antonio Simoes has decided to step down as chief of global private banking and will leaving HSBC this year.

Source: The Standard February 18, 2020 19:07 UTC