Bloomberg: HSBC renews its strategy of returning to Asia and several senior executives will be transferred from London to Hong Kong | Apple Daily

HSBC (005) will announce its 2020 annual results next Tuesday (23rd). Bloomberg reported that the group is considering relocating a group of high-level executives from its London headquarters to Hong Kong to strengthen its Asian presence and will re-appoint its chief executive officer. Ou Zhihua’s strategic positioning of “Pivot to Asia”.

“Bloomberg” earlier stated that HSBC intends to relocate several senior executives back to Asia, including two “real estate” supervisors, namely Greg Guyett and Georges Elhedery, co-heads of global banking and capital markets. According to the latest development, several senior executives will be transferred from London to Hong Kong. If they include the three top executives Greg Guyett, Nuno Matos, global chief executive of wealth management and personal banking, and Barry O’Byrne, chief executive of global commercial banking, it means contributing to the group in 2019 Department heads for 95% of annual revenue will be concentrated in Hong Kong.

According to the “Bloomberg” comprehensive brokerage forecast, the adjusted pre-tax profit of the group last year was between 9.87 billion and 12.43 billion US dollars, a year-on-year decline of 44.1% to 55.5%, with a median of 12 billion US dollars.

Although HSBC intends to strengthen its layout in Asia, the report quoted Keefe, Bruyette & Woods analyst Edward Firth as saying that HSBC’s growth momentum comes from simplifying the structure and strengthening digital development, rather than shifting its strategic focus to Asia.

Investec Securities analyst Ian Gordon pointed out that the group may expand its strategy update, including more than expected cost reduction scale and layoffs to offset the adverse impact of revenue.

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