HSBC stokes discontent amongst senior staff with pivot to Asia: report | Asian Banking & Finance - The Latest News, Headlines, Insight, Commentary & Analysis
,Hong Kong
2 views

HSBC stokes discontent amongst senior staff with pivot to Asia: report

Senior bankers reportedly expect friction with the regional chief, sources said.

HSBC is shipping senior executives from its London headquarters to Hong Kong as part of the bank’s pivot to Asia, a move that is reportedly stoking some discontent, reports Bloomberg.

Already niffed from a cut to the bonus pool after losses in Europe, some senior executives in Greater China reportedly worry that their push into the world’s second-largest economy could be slowed by added bureaucracy and blurred reporting lines, according to people familiar with the matter, who asked to remain anonymous.

With the global heads of investment banking, commercial banking and wealth relocating to Hong Kong this year, senior bankers expect friction with regional chief Peter Wong, who has so far enjoyed a high degree of autonomy.

Wong has also reportedly expressed his unhappiness about the costs of the relocations, one of the people said.

The potential for friction hasn’t gone unnoticed in London. On a global call on April 14, Greg Guyett, the co-head of the investment bank who’s one of the executives moving, said unprompted that the reason for his relocation wasn’t because of poor management in Asia, according to people on the call. He emphasized that he would continue to keep his eyes on Europe and the US as well, the people added.

Here's more from Bloomberg.

Get Asian Banking & Finance - The Latest News, Headlines, Insight, Commentary & Analysis in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Shares were priced at the top end, at KRW39,000 ($34).
In January, 1.2 million transactions were carried out via the SGQR.
Its launch will require legal changes to the nation’s foreign exchange and IT rules.
But less than half of consumers are impressed with the digital financial services currently offered.
Treasury teams can mobilize liquidity and fund intraday payments in real-time.
Customers have the option to pay their tax balances in full or partially.
About 750 new accounts have been opened in four APAC markets through the new portal.
UnionDigital will be a wholly-owned subsidiary of the Philippine lender.
SmartStream’s Peter Hainz and Amazon Web Services’ Anna Green shared their insights on the advantages of on-demand and highly scalable cloud environments for banks and other financial institutions, as well as the factors hindering its adoption in the region.
This August, the Asian Banking & Finance and SAP will provide insights on the evolving landscape for ESG in financial services.
Thirteen lenders noted that demand was moderately weaker than the preceding 3-month period.
Investors will likely seek signs that private lenders will be able to step up lending once COVID subsides.
It opens up new revenue models and lowers the cost-to-serve.
Bypassing credit cards, the payment instalment options prove to be attractive.
More banks and institutions are exploring its use for payments and cross-border transfers.