(Photo by PHILIP FONG/AFP via Getty Images)
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HSBC, one of the largest banks in the world, uniquely listed on both London and Hong Kong securities exchanges and traces its roots back to Hong Kong in the 1860s, is forced to restructure its far-flung businesses.
The banking giant’s interim CEO, Noel Quinn, said that the company’s previous plan—which included cutting about 10,000 employees last month (on top of a prior round of downsizing 4,000 professionals)—were insufficient to turn the bank’s fortunes around. CNBC reported that the bank had an 18% one-year drop in pre-tax profit for the third quarter, according to Group CFO Ewen Stevenson.
It’s been reported by the BBC that HSBC plans to restructure its business due to unacceptable