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HSBC to expand restructuring with faster shift to Asia

UK-based bank will relocate three executives to Hong Kong

HSBC Holdings has indicated that it plans to grow its wealth business in Asia with a focus on China and also to expand across South Asia.   © Reuters

HONG KONG -- HSBC Holdings is expected on Tuesday to unveil a renewed effort to push further into Asia and to relocate some top executives to Hong Kong as the bank accelerates its largest overhaul in decades to address years of underperformance.

With the U.K.-based bank's business recovering in the fourth quarter, CEO Noel Quinn is hastening a plan unveiled a year ago that called for cutting 35,000 jobs, about 15% of its total, over three years.

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