HSBC will relocate some of its top executives from London to Hong Kong as the British lender places increasingly greater emphasis on the region.
Global banking and markets co-head Greg Guyett, wealth and personal banking chief executive Nuno Matos and global commercial banking chief executive Barry O’Byrne will relocate to Hong Kong in the second half of the year, according to an internal memo.
They will also be joined later in the year by the bank’s head of asset management Nicolas Moreau.
Though some other roles will also be shifted to join the top executives, there is no planned «large scale movement of jobs from London to Hong Kong.»
Asia-Based Leadership
The relocated executives lead divisions that make up nearly all of HSBC’s global revenue, signaling a stronger focus on Asia, which accounted for 59 percent of operating income in 2020.
«An important part of our global strategy is to base more of our leadership population in Asia,» said HSBC CEO Noel Quinn in the note.
The bank is undergoing restructuring to further focus its resources on growth opportunities in the region. Part of its plans includes redeployment of over $100 billion of capital to Asia, where it is particularly focused on investing in Hong Kong, China and Singapore.
