HSBC staff have qualms over bank's revamp

The bank’s commitment to the overhaul was questioned due to Quinn’s interim status.

HSBC staff are not convinced that the latest revamp is going to be different despite interim CEO Noel Quinn saying otherwise, Reuters reported.

Quinn stated that the overhaul will be less reliant on external factors such as global interest rates and Chinese economy. But in a staff call, he and chief financial officer Ewen Stevenson were questioned over the bank’s commitment to the overhaul given that Quinn is not permanent yet.

“But the way the whole thing is being handled... it has created more confusion about the strategy and whether the bank will stick to it for the next three years even if there is a change at the top,” a source narrated.

Nonetheless, Stevenson told employees that they would have to stick with the management to see the revamp through even if markets didn’t have much conviction in its execution.

Here’s more from Reuters.