Shakeups at HSBC Worldwide
Analysts are arguing for big changes at HSBC. Their recent pronouncements call for the global bank to slough off its U.S. retail business.
HSBC is ready to announce its strategy plans on May 11. Group Chief Executive, Stuart Gulliver, and his management team, are set to reveal the strategy direction for the financial institution.
Interestingly, one of the cost-cutting strategies is rumored to be moving the bank's retail banking staff out of their U.K. headquarters in Canary Wharf. But if and when the expected HSBC changes are announced, it's likely not going to be good news for the folks on the retail side. In other words, retail banking employees better get their resumes dusted off. The expected changes are sure to put the company's own moniker of "the world's local bank" to rest.
It's interesting to see just how quickly fates can change. 2010 was a big year of hiring for HSBC. The Middle East and Asia saw some of the biggest increases in headcount. Now, there are reports that the global bank is ready to let go 3% of its people in the Middle East and North Africa.
In a separate move, HSBC closed its retail operations in Russia, as the bank and others like it found it impossible to compete with state-owned banks there.