HSBC Holdings is considering relocating a handful of senior executives from London to Hong Kong or Singapore as Europe's largest lender bets its future on Asia.
The bank is mulling over moving London-based Greg Guyett and Georges Elhedery, the co-heads of its investment bank, to Asia, people familiar with the matter said, declining to be identified as the details are private.
Other direct reports to chief executive Noel Quinn are also being considered for relocations, placing more top decision-makers in the region where it makes the bulk of its money, the people said.
The moves are being considered as HSBC prepares to announce the outcome of a strategic review this month. A spokesman for HSBC in London declined to comment.
HSBC is planning to shift billions in capital to Asia, in particular to China, to reignite profitability as it scales back or exits businesses in Europe and the United States where less economic momentum and rock-bottom interest rates have made it difficult to make money.
Having more executives in the region will show investors and policymakers that it is serious about its expansion plans, at a time when an occasionally tense relationship with Beijing is on the mend.
HSBC is almost a year into a major restructuring that was partially held back by the Covid-19 pandemic, and is expected to update its plans and results on Feb 23.
