HSBC prepares to turn screws on investment bank
HSBC is planning to allocate capital away from lower return operations, including the global banking and markets (GBM) division in certain regions, as interim chief executive Noel Quinn revealed disappointing third quarter results on Monday.
“Parts of our business, especially Asia, held up well in a challenging environment in the third quarter,” said Quinn. “However, in some parts, performance was not acceptable, principally business activities within continental Europe, the non-ring-fenced bank in the UK, and the US.“Our previous plans are no longer ...
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