Jun
08

HSBC to Sell Units in Brazil and Turkey and Shrink Investment Bank

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HONG KONG — HSBC will take an axe to its investment bank and seek to cut up to $5 billion in costs in an effort to improve its sluggish performance, Europe’s biggest bank said on Tuesday.

The announcement to the Hong Kong stock exchange came ahead of a presentation to investors and analysts when Chief Executive Stuart Gulliver will give more detail on his second major strategic plan since he took the helm at the start of 2011.

The new strategy, which involves shrinking the global banking and markets division to less than one third of HSBC’s $2.6 trillion balance sheet from its current level of around 40 percent, marks a significant but expected shift for the lender…

HSBC to Sell Units in Brazil and Turkey and Shrink Investment Bank

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