HSBC is set to unveil a fresh round of job cuts targeting senior international managers and shrink its presence in some smaller markets, as part of a wider strategy overhaul, sources told Reuters. The changes are expected to be part of a strategy update the lender’s interim chief executive Noel Quinn will unveil on February 18th, with a view to boost the profitability of Europe’s biggest bank by assets in a tough operating environment, they said. The review would also include HSBC’s presence in some Latin American markets, the sources said, a region that accounts for just 3 per cent of its pre-tax profit. Apart from Mexico, the bank’s presence in other countries in the region such as Argentina is small. HSBC declined to comment.

Source: The Irish Times February 05, 2020 12:00 UTC