HSBC curbs profit and payout ambitions, bets on Asia wealth

HONG KONG/LONDON (Reuters) – HSBC Holdings PLC on Tuesday abandoned its long-term profitability target, and unveiled a revised strategy focused mainly on wealth management in Asia after the COVID-19 shock saw its annual profits drop sharply. Citing the low interest rate environment and tough market conditions, HSBC ditched its goal

HSBC grooms top bankers for make-or-break push into China

HONG KONG (BLOOMBERG) – As HSBC Holdings pins its future on China, Europe’s largest bank is grooming a set of well-connected bankers to navigate its fraught relationship with Beijing in the long run. David Liao and Mark Yunfeng Wang, heads of Asia Pacific global banking and its China operations, respectively,

HSBC to slash costs further as Q3 profit tumbles 35%

HONG KONG (REUTERS) – HSBC Holdings said on Tuesday (Oct 27) it plans to accelerate its restructuring plan, slashing costs further than previously suggested, flipping its model from generating income mainly from interest rates to fee-based business, and shrinking in size. The plans were unveiled as it posted a less-than-expected

HSBC Life Singapore appoints CIO, chief product officer

SINGAPORE (THE BUSINESS TIMES) – HSBC Life Singapore on Monday (Sept 7) said it has appointed senior executives Philip Pang and How Chee Koon as chief investment officer (CIO) and chief product officer respectively. The appointments will further support the growth of HSBC’s insurance business in Singapore as it increases

HSBC, StanChart criticised for backing Hong Kong security law

HONG KONG/LONDON (Reuters) – Senior British politicians criticised HSBC (HSBA.L) and Standard Chartered (STAN.L) on Thursday after the banks backed China’s national security law for Hong Kong, in conflict with the British government’s opposition to the proposed legislation. In a break from their usual policy of political neutrality, the British

HSBC sees double-digit wealth asset growth in Asia by 2023

HONG KONG (Reuters) – HSBC Holdings PLC (HSBA.L) expects to achieve double-digit asset growth in its newly combined wealth business in Asia Pacific in the next three years, as it looks to grab a bigger share of the growing rich population, the unit’s regional head told Reuters. The Asia-focused lender