HSBC cutting 900 staff at China digital wealth unit Pinnacle, sources say

Quick Summary:

Without directly addressing staffing, a spokesperson for the lender says wealth management in China remains a priority’.

The London-headquartered bank’s new CEO, Georges Elhedery, launched a sweeping restructuring exercise, involving job cuts, to reduce long-term costs and boost profits at the bank.

Pinnacle, launched in 2020, sells insurance and fund products through a digital platform.

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Article Details

Author / Journalist: Reuters

Category: Business

Markets: Hong KongChina

Topics: Pinnacle Lender Staff Business Digital People Hsbc Costs Sources Mainland China

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-27 @ 22:05:57 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 256 words

Reading Time: 2 minutes read

Sentences: 7 lines

Sentence Length: 37 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 26476847

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