HSBC CEOmulls reducing global presence

Chief executive looking to expanding asset management unit

HSBC Holdings Chief Executive Officer John Flint and Chairman Mark Tucker are considering shrinking the bank’s global imprint as part of a plan to be revealed over coming months, according to people with knowledge of the discussions.

Flint, who took over in February, is reviewing asmany as a quarter of the 67 countries the bank operates in, and is mulling an exit or sale fromsmaller consumer operations such as Bermuda, Malta and Uruguay, said the people, who asked not to be identified because the strategy isn’t finalised.

The CEO is also looking at expanding the asset management unit, potentially merging it with a rival, they said. Discussions about HSBC’s strategy are at an early stage and no final decisions have been made, they said. A spokeswoman for HSBC declined to comment beyond saying that the bankwill update investors at or before its first- half earnings. The shares have fallen 14 per cent this year.

While the countries under review may be profitable, the duo want to sharpen the focus on the trade corridor from Asia, through the Middle East and Europe, to North and Central America, the people said.