HSBC has cut a lot of top administration roles in its investment bank, an indication that Chief Executive Noel Quinn is pressing on with plans to shake up the group regardless of having put a wider job reduction program on hold.
CEO Quinn in March declared a temporary halt to plans for 35,000 redundancies across the bank due to the impact of the coronavirus pandemic.
Quinn, who took on the permanent CEO role in March after a lengthy audition process throughout which Chair Mark Tucker courted several external candidates, faces a nightmarish task to steer Europe’s largest bank by the disaster.
HSBC’s twin homes of Britain and China have been particularly exhausting hit by the pandemic, while cuts to central bank rates of interest worldwide will curb the bank’s already pressured profits and it faces a shareholder revolt in Hong Kong over dividend halts.
The new technique for the bank that Quinn introduced February already needs overhauling, as the lender tries to adapt to the crashing global economy.
Quinn’s management reshuffle consists of cutting the regional head positions of the Global Banking & Markets (GBM) business, which houses HSBC’s investment banking actions.
Consequently, Asia-Pacific head of GBM Gordon French will take a six-month sabbatical from the bank, while the Americas head Andre Brandao will stay on till the top of the year before an additional announcement is made.
In Europe, GBM head Thierry Roland will depart from that role to take charge of an arm focused on asset disposals, as HSBC seeks to contract its balance sheet.