The answer may depend on the likes of Xi Jinping and Donald Trump
There are two ways to read last week’s announcement from new HSBC boss Georges Elhedery that the bank will restructure and embark on a “simplification journey”. One is dramatic. The embodiment of global finance, with operations in 60 countries , is giving up on globalisation with its decision to split itself into a cluster of “eastern markets” and another of “western markets”.
What else does the restructuring achieve in the meantime? Current and former HSBC executives agree that the group’s notorious bureaucracy may be made more efficient by Elhedery’s removal of a layer of management at the regional level . Country heads will report directly to either the east or west leadership. The unwieldy executive committee will shrink from 18 to 12 members.
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