Reducing cost: A pedestrian passes a statue of a lion outside the HSBC Holdings Plc headquarters in London. Measures in the lender’s global restructuring drive include the disposal of its French business and the transformation of its US business, where it has long struggled to compete with much bigger local players. — Bloomberg
HONG KONG: HSBC Holdings PLC yesterday signalled it would embark on a transformation of its business model, seeking to flip its main source of income from interest rates to fee-based businesses.
It also accelerated plans to shrink in size and will slash costs further than previously suggested.
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