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Squeezed by Superpowers, HSBC Eyes Next Step of Reboot

  • Operations in U.S., Europe targeted for possible restructuring
  • Executives have discussed Hong Kong with Bank of England
Pedestrians walk past the HSBC Holdings Plc headquarters building, center, in Hong Kong.
Pedestrians walk past the HSBC Holdings Plc headquarters building, center, in Hong Kong.Photographer: Roy Liu/Bloomberg
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Caught in the crossfire between Washington and Beijing, HSBC Holdings Plc is fighting forces that threaten to upend a business built on connecting China to the West.

Chairman Mark Tucker is overseeing a sweeping review of HSBC’s U.S. and European operations with an eye toward unloading businesses beyond repair, as doubts grow that 35,000 job cuts announced in February will be enough to revive the slumbering giant, say people familiar with the matter.