HSBC will roll its global private banking (GPB) into its retail and wealth management business, as part of a major restructure at the bank.
Group chief executive Noel Quinn this morning described the bank’s 2019 performance as “resilient”.
“However, parts of our business are not delivering acceptable returns. We are therefore outlining a revised plan to increase returns for investors, create the capacity for future investment, and build a platform for sustainable growth.”
The private banking unit – which made a profit of $402 million in 2019, up 18.5 percent from $339 million in 2018 – would be r...
