, Hong Kong
144 views

HSBC stokes discontent amongst senior staff with pivot to Asia: report

Senior bankers reportedly expect friction with the regional chief, sources said.

HSBC is shipping senior executives from its London headquarters to Hong Kong as part of the bank’s pivot to Asia, a move that is reportedly stoking some discontent, reports Bloomberg.

Already niffed from a cut to the bonus pool after losses in Europe, some senior executives in Greater China reportedly worry that 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 matter, who asked to remain anonymous.

With the global heads of investment banking, commercial banking and wealth relocating to Hong Kong this year, senior bankers expect friction with regional chief Peter Wong, who has so far enjoyed a high degree of autonomy.

Wong has also reportedly expressed his unhappiness about the costs of the relocations, one of the people said.

The potential for friction hasn’t gone unnoticed in London. On a global call on April 14, Greg Guyett, the co-head of the investment bank who’s one of the executives moving, said unprompted that the reason for his relocation wasn’t because of poor management in Asia, according to people on the call. He emphasized that he would continue to keep his eyes on Europe and the US as well, the people added.

Here's more from Bloomberg.

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Asian Banking & Finance in your inbox

VCs flocking to "lucrative" APAC payments segment: report

Global VC deals rose to 620 in Q1 2021.

China injects $15.5b cash into the financial system to maintain liquidity: report

The nation’s top leaders recently described economic recovery as “unbalanced and unstable.”

Chart of the Week: Card payments in China to rebound 21.3% in 2021

Card payments are set to rise as economic activities gathers pace.

Citi APAC adds nearly 650 new wealth professionals in 2021 so far

The group has added over $5b in net new money in Q1 alone.

Goldman Sachs ramps up China ambitions with hiring spree: report

It is planning to add over 400 new people in its headcount in 2021 alone.

Citi appoints new head for private banking arm in South Asia

Lee will have direct responsibility over the private bank arm of Singapore, Malaysia.

Citi APAC rolls out gender diversity program for investment, securities arm

The program’s 50 top candidates will have the chance to be recruited by the bank.

Standard Chartered, EastWest on the blueprint for building the bank of the future

Data is the new oil, says Sarabjit Anand, Standard Chartered’s CIO for Singapore and ASEAN.

Low costs buoys Australian banks’ profits, but pressures to persist

Operating profit is 46% higher than last year, but pre-impairment earnings remain subdued.

HSG shares insights on modelling core banking IT for the digital economy

Sisi Yu gives us a glimpse of how banks can achieve higher performance through improved services.