HSBC reducing staff numbers by 900 at China Pinnacle unit: Report

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HSBC reducing staff numbers by 900 at China Pinnacle unit: Report - Business Standard

Quick Summary:

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

The reversal underscores the challenges the Asia-focused bank faces to boost growth and profitability in China at a time when it is slashing costs to boost returns.

Reuters reported in October that Europe's largest lender by assets earlier last year started probing staff compensation structures and whether suppliers had inflated expenses, contributing to a sharp spike in costs that outpaced revenue at Pinnacle.