HSBC faces third major overhaul

Biggest market Hong Kong is hit with anti-government protests and the COVID-19 outbreak.

HSBC is having its third major overhaul in a decade which may include another management reshuffle, a new CEO, withdrawals, and global job cuts, Bloomberg reports.

Hong Kong, its biggest market, is hit with anti-government protests and the coronavirus outbreak.

On Tuesday, the bank is likely to announce billion-dollar writedowns, cuts at trading desks, and a reduction in exposure to countries from Turkey and Greece to Oman. The bank is also in the process of selling its French retail business and overhauling its US business.

Interim CEO Noel Quinn is also in limbo. Speculations about his replacement include Stephen Bird, former Citigroup Asia top executive, and other external candidates.

Here’s more from Bloomberg.

Photo courtesy of Wikimedia Commons.