HSBC revamp plan shows Ma’s thirst for change

Main concern: A woman walking past a HSBC Bank branch in Paris. Ping An is particularly disappointed by HSBC’s underperformance compared with other Asia-focused banks and a suspension of dividends during the pandemic. — Reuters

PETER Ma isn’t afraid of dramatic change.

In the past three years, the 66-year-old chairman of China’s biggest insurer has slashed more than 800,000 roles, or 60% of his army of life insurance agents, in a painful reform to boost productivity and restore value for Ping An Insurance (Group) Co.