HSBC Pivot Stokes Tension Between Hong Kong, London Bankers

Bank moving executives to Asia to reinforce turnaround plan
Heads of wealth, investment and commercial banking to relocate

WATCH: The global heads of HSBC’s investment banking, commercial banking and wealth are relocating to Hong Kong this year. Senior bankers expect that to be a cause of friction with regional chief Peter Wong who has so far enjoyed a high degree of autonomy. Candice Zachariahs reports.(Source: Bloomberg)

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Ambereen Choudhury and Cathy Chan

April 20, 2021 at 4:01 PM UTC

Updated on

April 21, 2021 at 6:41 AM UTC

This article is for subscribers only.

HSBC Holdings Plc is shipping senior executives from its London headquarters to Hong Kong to seal a pivot by Europe’s largest lender to Asia. The moves are also stoking some discontent.

Already smarting from a cut to the bonus pool after losses in Europe, some senior executives in Greater China worry 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 discussions who asked to remain anonymous discussing a sensitive issue.