, UK

Weekly Global News Wrap: HSBC sells Russia business to Expobank; Julius Baer to freeze hiring

And HSBC’s UK unit plans to stop collecting gender data as part of inclusivity push.

From Reuters:
HSBC has agreed to sell its Russia business to Expobank, with its completion marking the bank’s formal exit from Russia.

"Following a strategic review, HSBC has signed an agreement to sell 100% of its participating interests in HSBC Bank (RR) LLC to Expobank JSC," a spokesperson told Reuters via email.

The transaction was still subject to regulatory approvals in Russia.

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From Reuters:
Swiss wealth manager Julius Baer will freeze hiring for non-relationship manager positions following a 26% drop in its first half earnings.

The bank said it would accelerate "cost discipline" in the second half of the year after its cost/income ratio rose to 67% from 61% a year earlier.

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From Bloomberg:
The UK unit of HSBC plans to stop collecting data on the gender of its customers in some products.

The bank has reportedly begun removing gender references from some products, such as HSBC Kinetic, its mobile banking business account, and its new mortgage tool, in principle, according to a company spokeswoman.

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