HSBC to press ahead with overhaul ‘wherever possible’, despite coronavirus

LONDON (Reuters) – HSBC will press on with plans to reallocate capital from underperforming businesses, cut costs and strip out layers of management, its Chief Executive Noel Quinn said, despite problems caused by the coronavirus pandemic.

The bank will procede “wherever possible” with its transformation plan outlined in February, Quinn said in a statement ahead of its annual shareholding meeting, but has paused the vast majority of redundancies associated with the restructuring.

(Reporting By Lawrence White, Editing by Iain Withers)