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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
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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)
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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.