HSBC No Bonus?
Scary article from the Financial Times. Curious to know if anyone here was affected by this / how much this will impact future recruitment?
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Seems like HSBC wants to go back to being a retail & wholesale bank. Even thoughts of outsourcing their trading operations. Not sure how this strategy will work for them in the short-term. However shocking to see that news headline.
Trading desk won't be outsourced according to CEO as of this morning. But yes, generally exiting anything where HSBC isn't market leading.
So their strategy is basically just give up?
Sounds about spot on - most people on the ground see the new strategy as: sell or fire anything non-core to raise short term EPS and share price. Long term effects…. Who cares - Elhedery’s options will vest before any of that comes around and future declines can be attributed to the CEOs of the future.
That’s wild
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