HSBC on Tuesday reports 2019 results and will set out its new strategy, where in...
) on Tuesday reports 2019 results and will set out its new strategy, where interim Chief Executive Noel Quinn will audition for the permanent role by announcing major restructuring efforts. Here are five key things to look out for:
It would be odd for Chairman Mark Tucker to allow Quinn to present a new strategy if Quinn will not be the person to implement it - but media reports in the past few weeks have suggested Tucker could delay the appointment beyond Tuesday.Quinn’s urgent task is to improve returns for shareholders, which have lagged HSBC’s rivals in recent years.HSBC’s global banking and markets division that contains its investment bank has been underperforming its commercial and retail banking businesses.
HSBC is in more than 50 countries across North America, Europe, the Middle East and Asia, but the latter of those regions accounted for 49% of its revenue and 90% of its profit in 2018. HSBC is considering leaving Turkey and may also sell or reduce its business in other markets where it is struggling to compete with local rivals, Reuters reported earlier this month.
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