The bank is reportedly considering moving a number of its top executives to Hong Kong or Singapore to strengthen its push in Asia.
Among the relocations being considered are the two co-heads of its investment bank, Greg Guyett and Georges Elhedery, who are currently located in London, «Bloomberg» reported (behind paywall) on Thursday.
The move of its top decision-makers to Asia, where the bank makes most of its money, comes almost a year into its restructuring under chief executive Noel Quinn. The bank is preparing to announce the outcome of a strategic review later this month.
Asia Focus
HSBC has been undergoing an overhaul to focus on fee-generating businesses and reducing its operating costs. The bank has also said it intends to increase its rate of investment in Asia, particularly in wealth, the Greater Bay Area, South Asia, trade finance and sustainable finance, while scaling back investments in Europe and the U.S.
Earlier this week, HSBC has internally appointed Daniel Chan, its current Hong Kong business and commercial banking head, to lead the bank's new Greater Bay Area office, located in Guangdong.
