HSBC to Move Top Bankers to Hong Kong as Asia Focus Sharpens
April 14 2021 - 9:12AM
Dow Jones News
By Simon Clark
Global banking giant HSBC Holdings PLC will move four senior
bankers from London to Hong Kong to boost its strategy of
refocusing operations on Asia instead of Europe and North
America.
The executives who will move later this year are Barry O'Byrne,
head of global commercial banking; Greg Guyett, co-head of global
banking and markets; Nuno Matos, head of wealth and personal
banking, and Nicolas Moreau, head of global asset management, HSBC
said in notes to staff.
"I want more of our global executive team to be located in key
growth regions," HSBC Chief Executive Noel Quinn wrote in one of
the notes.
HSBC, which was founded in Hong Kong in 1865, has been caught up
in the geopolitical tension between China and the West over the
weakening autonomy of the Asian port city from Beijing. Some U.S.
and British politicians have urged the bank to take a stance
against China but Mr. Quinn has declined to do so, stating that he
is a banker, not a politician.
Mr. Quinn assured colleagues in his note that HSBC will continue
to be based in London and maintain a global presence.
"We remain fully committed to the U.K., both in terms of our
domicile and our significant businesses and client base in the
country," Mr. Quinn wrote. "These moves have no impact on the
location of our headquarters and the management and oversight of
the group executive committee."
HSBC makes most of its profit in Hong Kong and mainland China.
Mr. Quinn said in February that he is considering selling the
bank's unprofitable U.S. retail operations and plans to pour about
$6 billion of investment into Asia in the next five years.
HSBC is in talks to sell its unprofitable French retail bank to
New York-based private-equity firm Cerberus Capital Management
LP.
Georges Elhedery, co-head of global banking and markets
alongside Mr. Guyett, will continue to be based in the U.K.
Mr. Matos's relocation to Hong Kong brings him closer to Trista
Sun, the Chinese banker leading HSBC's Pinnacle venture that
targets wealthy Chinese clients. Mr. Matos said in February that
Pinnacle was exceeding financial targets.
Write to Simon Clark at simon.clark@wsj.com
(END) Dow Jones Newswires
April 14, 2021 08:57 ET (12:57 GMT)
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