HSBC unveiled a further strategic shift to Asia and retreat from the west, pledging to invest $6bn to expand in Hong Kong, China and Singapore, while confirming it would sell its US retail arm and soon exit its French consumer bank.
Chief executive Noel Quinn also announced he would symbolically relocate some of his top management team to Hong Kong, saying “we will move the heart of the business to Asia, including leadership”.
The changes came as the bank on Tuesday reported a 50 per cent plunge in fourth-quarter profit. While stark, that decline was less than projected by analysts as coronavirus-related loan-loss provisions tailed off, allowing the bank to restart paying a modest dividend.
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