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SBC today described 2020 as a year of “turmoil on a scale never seen before” as it made a firm commitment to London as a financial center despite plans to “pivot” into Asia.
Earnings for the year through December fell a third to $ 8.8 billion. CEO Noel Quinn said: “It was a difficult year.”
When asked if HSBC’s Canary Wharf office would retain its iconic status and be full once the vaccines have been completed, he replied: “The answer is very simple: yes. London is extremely important. Our job is to connect London to the rest of the world. “
Time to focus on the future
HSBC is working on plans to reduce its workforce by 35,000 and relocate some of its top staff to Asia. It will be two or three from the best team that Quinn will rely on, he told the Standard.
Staff may not be in the office five days a week and savings will be made on office space, but HSBC will maintain a fierce presence in the city, senior officials say.
Chief Financial Officer Ewen Stevenson said: “I want to congratulate the UK on a very successful vaccination program. It’s time to focus on the future. “
“I will remain in London, Ewen will remain in London,” said Quinn, who is “cautiously optimistic for next year.”
Quinn became CEO last March after several months as interim chief.
2020 witnessed economic and social upheaval on a scale never seen in living memory
Its president, Mark Tucker, is seen as a master of difficult tasks with an even more difficult job, managing HSBC’s relationship with the Chinese government.
Shares, under his watch, fell 4 pence to 427 pence today.
Tucker said: “In 2020, we are experiencing economic and social turmoil on a scale never seen in living memory.
“The external environment was being reshaped by a variety of factors, including the impact of trade tensions between the United States and China, Brexit, low interest rates and rapid technological development.”
HSBC and Tucker in particular have been criticized for being too friendly with the Beijing regime. Politicians in the United Kingdom and the United States attacked him for closing the accounts of pro-democracy activists.
The bank is cutting tens of thousands of jobs, mostly in the United States, where it is in talks to shut down its main banking arm. You want to focus on wealth management in Asia.
For the year through December, revenue fell 8% to $ 50.4 billion.
The city was mostly satisfied with the results, if not excited. Jefferies, the broker, said: “In our opinion, the updated strategic plan for 2022 seems a bit boring.”
