DBS Group logo

D05 - DBS Group News Story

S$27.93 0.5  1.6%

Last Trade - 8:40am

Sector
Financials
Size
Large Cap
Market Cap £37.77bn
Enterprise Value £35.97bn
Revenue £7.86bn
Position in Universe 39th / 6141

BREAKINGVIEWS-HSBC breakup will turbocharge CEO’s Asian pivot

Wed 30th December, 2020 12:51am
(The authors are Reuters Breakingviews columnists.  The
opinions expressed are their own.)
    By Liam Proud and Jennifer Hughes
    LONDON/HONG KONG, Dec 30 (Reuters Breakingviews) - Noel
Quinn's plan to cut costs and shift assets away from America and
Europe has failed to boost the bank’s shares. In 2021 he’ll have
to opt for more radical moves, like selling the U.S. retail
network and spinning off HSBC’s $15 bln UK arm. A higher
valuation should follow.
    Full view will be published shortly.
    On Twitter https://twitter.com/liamwardproud and
https://twitter.com/JennHughes13

    CONTEXT NEWS
    - HSBC is considering a complete exit from retail banking in
the United States, the Financial Times reported on Nov. 28. 
    - Chief Executive Noel Quinn said on the group’s
third-quarter earnings call on Oct. 27 that he would provide an
update on plans for the U.S. business alongside full-year
results, scheduled for Feb. 23.
    - For previous columns by the author, Reuters customers can
click on  PROUD/  and  HUGHES/ 
    - SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS http://bit.ly/BVsubscribe

 (Editing by Peter Thal Larsen and Amanda Gomez)
 ((liam.proud@thomsonreuters.com;
jennifer.hughes@thomsonreuters.com; Reuters Messaging:
liam.ward-proud.thomsonreuters.com@reuters.net;
jennifer.hughes.thomsonreuters.com@reuters.net))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.