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Home What happens if Chinese household wealth is unleashed on the world? What happens if Chinese household wealth is unleashed on the world? Tentative steps at liberalisation reflect fears over the strong renminbi and risks of a bubble in domestic markets World Economy News 5 Jul 2021 • 10 min read It would buy you a year of study at Harvard University, a couple of luxury boxes at the Yankee Stadium in New York or a lengthy stay at London’s Ritz Hotel. But Chinese citizens might soon be able to do something different with the $50,000 they are permitted to take out of the country annually: invest it. ....
HSBC Holdings Plc exited its US domestic mass market retail banking business, agreeing to sell 90 branches, as Europe’s biggest lender looks to focus on wealthy clients and steer billions of dollars in capital towards Asia. The London-based bank will retain a network of 20 to 25 locations that will be transformed into international wealth centers, according to a statement. It’s closing 35 to 40 other branches. The bank expects a pretax cost of $100 million from the transactions. The move is part of a larger plan by HSBC to invest more in Asia, where it’s focused on banking the region’s wealthy, as the lender also looks at exiting businesses in Europe. The bank has announced it will cut about 35,000 jobs globally to boost profitability after years of struggling with rock-bottom interest rates. ....
HSBC comes out of US retail banks HSBC has sold its U.S. retail banking network, which is ending its North American business after a 40-year attempt to run a full-service bank in the country. The largest European lender considered the provision of the US division to make constant losses at the end of last year as part of the bank’s efforts to make deep savings of about $ 4.5 billion and reduce 35,000 jobs. HSBC said on Thursday it sold 80 of its 148 branches on the east coast to Citizens Bank, which has secured $ 9.2 billion in deposits and $ 2.2 billion in loans. Cathay Bank has bought ten branches on the west coast, taken out $ 1 billion in deposits and $ 800 million in loans. The remaining branches will be crushed. ....
HSBC to Hire More Wealth Managers, Continues Expansion in Asia Zacks.com 3 days ago In an effort to tap the Asia market, which has been witnessing a surge in the number of billionaires, HSBC Holdings plc HSBC has planned to hire more than 1,000 managers in its wealth management business in the region by the end of 2021. The news was first reported by South China Morning Post. Popular Searches In the first quarter of 2021, Asia operations accounted for almost two-thirds of HSBC’s adjusted profit before tax in the wealth and personal banking business. Also, wealth business revenues in Asia increased 57% in first-quarter 2021. ....