HSBC to undergo significant restructure

October 28, 2019 | Banking
Written by FinTech Alliance

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HSBC
HSBC to undergo significant restructure

Following a fall in earnings, HSBC will look to restructure.

In Brief:

  • New interim CEO Noel Quinn is looking to make changes to improve profitability.

  • His full plans to “remodel” the bank will be available next year, according to Reuters.

  • This comes as the company publishes its first set of financial results since Quinn has taken on the role.

What does this mean?

Performance was largely slow in Europe and the US at a time of uncertainty in both climates. The bank’s pre-tax profit came in at $4.8bn for Q3, which was lower than analysts’ expectations. Quinn is thought to be vying for the full time role of CEO, and the way he addresses these issues with his planned restructure could have a huge impact on this.

Read more here. 

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