, Hong Kong

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.

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