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HSBC is set to replace Ian Stuart as the chief executive of its UK business, appointing him as group customer and culture director in a strategic reshuffle led by new group chief executive Georges Elhedery. This role aims to integrate customer feedback into the bank's strategy. Elhedery has initiated significant restructuring, merging commercial and investment banking units and targeting $1.5bn in annual cost savings, resulting in the departure of several senior executives.
HSBC Holdings Plc is set to wind down investment banking operations in Europe, the UK, and the Americas, focusing instead on Asia and the Middle East. The restructuring, led by CEO Georges Elhedery, aims to enhance competitiveness and reduce expenses by at least $3 billion. While equity underwriting and advisory services will be cut, debt underwriting and leveraged acquisition finance will continue.
HSBC Holdings plc is set to wind down its investment banking operations in Europe, the UK, and the Americas, focusing instead on its core markets in Asia and the Middle East. The restructuring, led by CEO Georges Elhedery, aims to enhance competitiveness and cut costs by at least $3 billion, while retaining debt underwriting and leveraged acquisition finance services. Job losses are anticipated, but some staff may be redeployed to bolster operations in Asia and the Middle East.
HSBC Holdings will wind down its investment banking operations in Europe, the UK, and the Americas, focusing instead on Asia and the Middle East. The restructuring, led by CEO Georges Elhedery, aims to enhance competitiveness by retaining only essential M&A and equity capital markets capabilities in targeted regions. The bank plans to cut expenses by at least $3 billion, with potential impacts on bonuses and job roles as it shifts resources to strengthen its position in Asia and the Middle East.
HSBC has shut down its Zing initiative after burning through $150 million in a failed attempt to penetrate the international payments market, highlighting the challenges traditional banks face in innovation. The app, aimed at competing with fintechs like Wise and Revolut, suffered from execution flaws, including unnecessary re-KYC processes and a lack of differentiation. Analysts emphasize the need for banks to adopt a more agile, customer-centric approach to succeed in the rapidly evolving financial landscape.
HSBC is shutting down its payments app Zing just a year after its launch, following a strategic review. The app, aimed at young customers and international students, failed to expand beyond the UK and is part of the bank's simplification strategy under new CEO Georges Elhedery. This closure reflects the challenges traditional banks face in the competitive fintech market, as seen with other failed ventures like NatWest's Bó and Barclays' Pingit.
HSBC Holdings Plc is preparing for potential bonus cuts amid a significant restructuring aimed at reducing costs by at least $3 billion, representing a 10% cut in its expense bill. Employees in corporate and institutional banking have been warned of disappointing payouts, contrasting with rising bonuses at European peers like Barclays and Deutsche Bank. The restructuring, led by CEO Georges Elhedery, is expected to take until June 2025, with details on its financial impact to be revealed alongside the bank's full-year results next month.
ANZ has appointed Nuno Matos, a former HSBC executive, as its new CEO, effective July 3, 2025, succeeding Shayne Elliott, who is retiring after nine years. Matos brings over 30 years of banking experience and will lead the bank through its merger with Suncorp Bank, focusing on enhancing stakeholder value and customer migration to ANZ Plus.
Nuno Matos
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hsbc reshuffles leadership as uk bank chief steps into new role
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11:40 04.03.2025
hsbc to scale back investment banking operations in us and europe
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12:31 28.01.2025
hsbc to wind down investment banking operations in europe and us
11:14 28.01.2025
hsbc to close investment banking units in europe and the americas
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10:49 28.01.2025
hsbc's zinging failure highlights challenges in banking innovation and execution
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hsbc closes payments app zing after one year amid fintech struggles
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12:52 23.01.2025
hsbc signals potential bonus cuts amid major restructuring efforts
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11:33 16.01.2025
anz appoints former hsbc executive nuno matos as new ceo
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09:21 09.12.2024
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