According to HSBC group chief executive Noel Quinn, the multinational bank will “accelerate the implementation” of a planned restructuring, which includes merging its retail banking and wealth management units, cutting European equity business, and reducing its US branch.
The bank, which sees a major share of its profits come from Hong Kong, was hit by both the Corona-virus outbreak and the unrest in the autonomous region over Beijing’s national security law in Hong Kong.
The West wants to impose its political views on China and still profit from trade with China. Reality is you can’t have both and this faux morality comes at a price. Britain never granted true democracy to Hong Kong Chinese. This western hubris has no virtue, or credibility.
A foreign owned and foreign head quartered bank that acts as the de facto central bank of Hong Kong is a national security threat to China. They’re not the only ones, and will not get better ever, especially when USD is expiring, someone would have to pay for it.
The Chinese are doing well even going out with national digital currency which significantly change how nations will trade among themselves when using it ( but ) that’s why major war with China is on the horizon even before US presidential elections.
The largest British bank HSBC published its pre-tax profits on Monday, showing just $4.3 billion in revenue, compared to $12.4 billion for the same period last year. That’s because drug trafficking is slowing down due to the Corona-virus?
The bank previously announced it would cut at least 35,000 of its 235,000 staff as part of a major restructuring, but the plan was put on hold amid the pandemic.
After the bank supported the Chinese legislation, it was criticized by US Secretary of State Mike Pompeo, who claimed that Beijing’s “browbeating” of HSBC “should serve as a cautionary tale”.
Sputnik / ABC Flash Point Banking News 2020.