HSBC It is reported that the bank is considering downsizing its retail banking operations in Mexico, Malaysia and Indonesia. and some other countries.
The bank is considering focusing only on wealthy customers in these markets to cut costs and focus on its core markets. it is UK and Hong Kong, Financial Times (FT) reported Thursday (December 12), citing anonymous sources.
no There is a decision made About these changesaccording to the report.
HSBC did not immediately respond to PYMNTS' request for comment.
The bank entered Mexico in 2002 and has amassed about $30 billion in deposits, but has faced challenges, including a $2 billion fine from U.S. authorities in 2012 for failures that allowed money laundering. have faced.according to a report by F.T..
HSBC has already exited its consumer business in the US, Canada and France as part of its previous exit from global operations.says the report..
HSBC Group Chief Executive Officer Georges ErhederyHe took over the role in September and is aiming to streamline banking operations and reduce costs. the The report says that focusing on more affluent customers is cutting costs.
The bank has already announced job cuts, which could result in annual savings of $500 million.according to the report.
HSBC stated: Press release of December 5th that Completed the next stage global restructuringHe is said to have appointed. senior leadership team It operates through four main businesses.
“The new structure will allow us to focus more on the businesses where we have a clear competitive advantage and the greatest growth opportunities, allowing us to provide our customers with best-in-class products and outstanding service.” he said. release.
HSBC announced restructuring in An Oct. 22 press release said it will streamline decision-making and eliminate redundancy.
The company said it will achieve this by restructuring into four distinct business units: Hong Kong, UK, Corporate and Institutional Banking, and International Wealth and Premier Banking.
In addition, HSBC's 18-member Group Executive Committee: replaced It will be managed by a new group steering committee consisting of 12 members.
banking changes is set to implemented Both press releases list the date as January 1, 2025.
