HSBC to move top executives from UK back to Hong Kong: Report

Europe’s biggest bank is paring back its global ambitions and refocusing its efforts on Asia.

HSBC Holdings Plc is considering the return of some global leaders to the bank’s original hometown, reinforcing Asia’s role as its center of gravity. A cadre of senior executives is set to relocate in coming months to Hong Kong from HSBC’s Canary Wharf headquarters, say people familiar with the plans, as Europe’s biggest bank pares its global ambitions. Chief Executive Officer Noel Quinn will begin marketing what’s known internally as the “pivot to Asia” on Tuesday when he announces 2020 earnings. Moving the trio — Nuno Matos, chief executive of wealth and personal banking; Greg Guyett, co-head of global banking and markets, and Barry O’Byrne, chief executive of global commercial banking — would mean businesses responsible in 2019 for 95% of net revenue will be run out of Hong Kong.