HSBC (HSBC) is cutting around 900 jobs at its digital wealth unit, Pinnacle, in China, reducing nearly half of its workforce, Reuters reported Thursday, citing two sources.
The reductions include layoffs, natural attrition, and internal transfers, the sources told the news outlet. The move follows a review launched last year at Pinnacle, Reuters said.
About 500 insurance agents at the unit's brokerage division have already left since June, when the workforce stood at around 1,700. The bank will soon lay off around 100 employees at Pinnacle's fintech arm, while another 300 will be reassigned to other business entities.
This will leave only a few dozen staff remaining in the fintech arm, down from roughly 400, according to the news outlet.
HSBC declined a request for comment from 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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