HSBC may shrink its global imprint further as part of long-term plan
London — HSBC Holdings CEO John Flint and chair Mark Tucker are considering shrinking the bank’s global imprint even further as part of a plan set to be revealed over the coming months, according to people with knowledge of the discussions. Flint, who took over in February, is reviewing as many as a quarter of the 67 countries the bank operates in, and is mulling an exit or sale from smaller consumer operations such as Bermuda, Malta and Uruguay, said the people, who asked not to be identified because the strategy isn’t finalised. The CEO is also looking at expanding the asset management unit, potentially merging it with a rival, they said. Discussions about HSBC’s strategy are at an early stage and no final decisions have been made, they said. A spokesperson for HSBC declined to comment beyond saying that the bank will update investors at or before its first-half earnings. While the countries under review may be profitable, the duo want to sharpen the focus on the trade corridor th...
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