Exclusive: HSBC cutting staff numbers by 900 at China Pinnacle unit, sources say
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HSBC is cutting approximately 900 jobs at its China digital wealth business, Pinnacle, marking a significant shift in its expansion strategy in the region.
February 27, 2025 | 10:30 am
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HSBC is cutting around 900 jobs at its China digital wealth unit, Pinnacle, indicating a major change in its expansion strategy in China.
The job cuts at Pinnacle suggest a significant change in HSBC's strategy in China, which could impact investor sentiment negatively in the short term. The reduction in workforce may indicate challenges in the digital wealth sector or a reevaluation of growth prospects in the region.
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