HSBC (HKG:0005) is slashing the headcount at its China digital wealth unit Pinnacle by around half, equivalent to 900 staff, Reuters reported Thursday, citing two sources familiar with the matter.
The reduction is seen to be a reversal of HSBC's plans for Pinnacle's expansion in China, the report said.
The cuts involve layoffs, natural attritions, and transfers to other units within HSBC in China, with about 100 to be removed from the fintech arm and 300 to be reassigned elsewhere. The numbers are subject to final discussion, Reuters said.
About 500 agents have left Pinnacle in the past seven months as the insurance brokerage unit stopped renewing contracts after a review of Pinnacle's China business in October, the report said.
HSBC declined to comment when reached by MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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