Last checked at 
(Alliance News) - HSBC Holdings PLC is moving some of its more senior executives to Hong Kong, the Financial Times reported Monday, as the Asia-focused lender moves away from its US retail operations.
Executives relocating to Hong Kong are likely to include Greg Guyett, co-head of global banking & markets, Nuno Matos, chief executive of wealth & personal banking, and Barry O'Byrne, chief executive of global commercial banking, according to people familiar with the matter.
With those three moving to east-Asia, the units that record almost all of HSBC's global revenue will be run out of Hong Kong. The personnel moves, first reported by Bloomberg, are dependent on regulatory approval, said a person close to the bank.
HSBC declined to comment.
The bank is also preparing to announce a withdrawal from consumer banking in the US after concluding it cannot turn round the struggling unit, the FT reported.
Exiting the 150-branch US retail network would mark the end of the lender's 40-year attempt to run a full-service bank in the US. The division has been loss-making for the past three years.
In addition to China, HSBC also wants to expand in other fast-growing markets including Singapore and India, the senior figure at the bank said. After years of being courted by local authorities, HSBC is laying the groundwork for an acquisition in Singapore in the future.
https://www.ft.com/content/38c3670c-3b0f-41e6-874e-0f9eee553744
China-focused HSBC releases its annual earnings at 0400 GMT on Tuesday.
Company-compiled consensus forecasts pretax profit at USD8.33 billion, down from USD13.34 billion in 2019, as net interest income is forecast to drop to USD27.23 billion from USD30.46 billion and net operating income to slip to USD50.04 billion from USD53.34 billion.
The lender's net interest margin is forecast to slip to 1.34% in 2020 from 1.58% in 2019, but analysts believe its CET1 ratio will hold up, forecasting to have ended 2020 at 15.1% compared to 14.7% in 2019.
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
