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Georges Elhedery: HSBC HOLDINGS to Eye on Expanding I-Banking in Asia & Mideast
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HSBC HOLDINGS (00005.HK) CEO Georges Elhedery revealed that the group, following the exit from key businesses in Europe and the U.S., will eye on expanding its investment banking operations in Asia and the Middle East. HSBC will concentrate on debt and other financing activities in Asia, as well as M&As and equity capital markets in the Middle East, he noted. The USD1.5 billion saved from the restructuring plan will be reallocated to areas with stronger competitive advantages to generate high-quality revenue, the CEO added. Elhedery emphasized that Hong Kong is the heart of HSBC, which will continue to invest in the Hong Kong market. Previously, HSBC has been reducing its management headcount, and Elhedery acknowledged that some job losses are unavoidable during the restructuring process, however, the group aims to retain talent and reward them in a competitive manner. AAStocks Financial News |
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