HSBC announced recently that they will be cutting back even further, after their recent history of cutbacks, with 800 job cuts to be made, a restructuring of their branches, and also a rebranding exercise as well. Although this one sixth reduction of their UK workforce is concerning for many, for HSBC it is all just a part of their larger plan to refocus towards the east and China. The restructuring hasn’t just occurred here either, as Europe will likely see similar cutbacks.
Their plan to move the main operations of their corporation to China is mainly due to the typically stagnant growth seen in Europe, which is its current base of operations. China has seen regular growth, and while it has fluctuated over recent years and failed to meet their own targets, it does appear to be a better place for them to grow their business, hence the move.