
The bank will focus on debt and other financing activities globally as well as mergers and acquisitions and equity capital markets in Asia and the Middle East, Elhedery said in a Bloomberg TV interview on Tuesday at an
Taking the helm more than six months ago,
"The exit that we are processing now in Europe and the Americas is to allow us to focus at the areas where we can really be differentiating to our customers," said Elhedery, adding that debt, including debt capital markets, leverage and acquisition finance and other financing activities are at "the heart" of what the bank does globally.
The restructuring has been endorsed by top shareholder Ping An Insurance (Group) Co., which last week said it's "very happy" with the direction, marking a dramatic shift in tone from its combative stance during a dispute with
Shares of the London-based lender have rallied almost 30% in Hong Kong since Elhedery took over on Sept. 2.
Rewarding
The CEO has been removing layers of management from the top down, cutting the number of executives who sit on the re-named key operating committee to 12 from 18. Job cuts across the bank have focused on senior managers, even placing some investment bankers on short-term work arrangements.
He said it's "inevitable" that some, mostly senior roles, will be lost in a simplification process, but the bank wants to retain talent and "reward them competitively."
'Heart of HSBC'
Hong Kong is the "heart of
The U.K.-headquartered bank opened its doors in the former British colony 160 years ago to help finance trade between Europe and Asia.
Elevating Hong Kong as a standalone market gives more autonomy to act faster, according to Maggie Ng,
The special administrative region accounted for $9.1 billion, or roughly 28% of
The bank is looking to expand headcount as well as branches, after it acquired 800,000 new customers last year, driven by an influx from mainland China, Ng said in a separate Bloomberg TV interview.