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, people with knowledge of the matter told Reuters.
The changes are expected to be part of a strategy update the lender’s interim Chief Executive Noel Quinn will unveil on Feb 18, with a view to boost the profitability of Europe’s biggest bank by assets in a tough operating environment, they said.
While the total number of jobs that will be impacted was not clear, the people said that the planned move would mainly impact its operations in London and to a lesser extent in Asia, which contributes nearly 90 per cent of the bank’s profits.
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.