Business
HSBC to Restructure Operations Between East and West Amid Global Shifts
HSBC’s newly appointed CEO, Georges Elhedery, has introduced a sweeping restructuring plan to separate its operations into eastern and western markets as part of efforts to navigate geopolitical tensions and reduce costs. Under this transformation, effective from 2025, HSBC will establish four key units, merging its commercial and institutional banking divisions and creating two distinct regional operations—one for Asia-Pacific and the Middle East, and another for the UK, Europe, and the Americas. The overhaul also includes the appointment of the bank’s first-ever female finance chief in its 159-year history, Ms. Kaur.
Elhedery emphasized that the restructuring aims to simplify operations, making the organization more dynamic and agile, while sharpening its focus on strategic priorities. He sees the division of international wealth and premier banking as a pathway to becoming the top choice for affluent clients globally. The bank also seeks to strengthen its foothold in regions like the Middle East, where significant wealth presents major growth opportunities. By aligning its businesses more clearly with competitive advantages and market leadership, HSBC hopes to maximize growth potential and better serve key regional markets.
The leadership shake-up is part of a broader plan to streamline the bank’s global operations, with Elhedery noting that the bank is looking to unleash its full potential through the changes. Ms. Kaur, who has been with HSBC for over a decade and currently serves as its Chief Risk and Compliance Officer, will now assume the role of Finance Chief.
Russ Mould, Investment Director at AJ Bell, remarked that HSBC’s new structure points to the bank’s intent to capture more market share in areas with clear competitive advantages, especially in wealth management. The reorganization is expected to foster a simpler, more effective operational model as HSBC strengthens its strategic vision for the future.
This comprehensive restructuring comes at a pivotal moment for HSBC, which is looking to position itself as a leader across both developed and emerging markets, while continuing to focus on areas of growth in the financial sector.
With a potential TikTok ban looming in the United States, many of the app’s 170 million American users are flocking to the Chinese platform RedNote. Dubbed “TikTok refugees,” these users have propelled RedNote to the top spot on Apple’s US App Store as of Monday.
RedNote, known in China as Xiaohongshu or “Little Red Book,” boasts approximately 300 million monthly users and combines features similar to TikTok and Instagram. It is particularly popular among young urban women in China, Taiwan, and other Mandarin-speaking regions, offering a platform for exchanging lifestyle tips on topics ranging from fashion to relationships.
The app’s growing popularity comes as the U.S. Supreme Court prepares to decide on a law requiring TikTok to sell its U.S. operations by January 19 or face a ban. TikTok has refused to sell, arguing that such a move would violate the free speech rights of its users.
RedNote has embraced its influx of U.S. users, with 63,000 posts tagged “TikTok refugee” providing guidance on navigating the platform and learning basic Chinese phrases. One U.S. user humorously wrote, “To our Chinese hosts, thanks for having us—sorry in advance for the chaos.”
Despite its warm reception, RedNote is not without controversy. Critics point to censorship concerns, particularly regarding criticisms of the Chinese government. Additionally, public officials in Taiwan are restricted from using RedNote due to perceived security risks associated with Chinese software.
As U.S. users join RedNote, some Chinese users have joked about being labeled “Chinese spies,” referencing U.S. officials’ concerns over TikTok’s alleged ties to Chinese government surveillance. However, RedNote has distanced itself from political associations, stating that its name does not reference Mao Zedong’s famous “Little Red Book.”
Bitcoin has soared to a new all-time high, briefly surpassing $106,000 (£83,890) on Monday during Asian trading hours. The cryptocurrency’s unprecedented rally marks a 50% surge since Donald Trump’s victory in the U.S. presidential election on November 5, with market sentiment buoyed by the incoming administration’s pro-cryptocurrency stance.
The Trump administration has signaled a friendlier approach to digital currencies compared to its predecessor. Notably, President-elect Trump recently announced plans to explore creating a national Bitcoin reserve, akin to the U.S. strategic oil reserve, to support the cryptocurrency’s strategic adoption.
Peter McGuire of trading platform XM.com attributed the surge to growing “FOMO” (fear of missing out) among investors. “The Bitcoin rally since the election has been parabolic,” McGuire explained. “Many investors believe $120,000 is achievable by the end of the year, and projections for mid-2025 suggest prices could exceed $150,000.”
Adding to the market optimism, Trump has appointed David Sacks, a Silicon Valley entrepreneur and former PayPal executive, as his AI and cryptocurrency czar. Sacks, known for his close ties to Trump advisor and billionaire Elon Musk, is expected to play a significant role in shaping the administration’s blockchain and cryptocurrency policies.
Chinese crypto entrepreneur Justin Sun, known for his headline-grabbing antics, recently made waves after consuming a $6.2 million banana in an art stunt. Not long after, Sun invested $30 million into World Liberty Financial, a cryptocurrency firm with ties to former President Donald Trump.
The investment proved transformative for the struggling company, pushing it past the threshold needed for Trump to begin profiting from the venture. Trump and his family are now positioned to collect around $20 million, with the potential for more.
Sun, currently facing fraud charges in the U.S. over his own crypto operations, did not elaborate on why he backed the untradable token initiative. However, the move has raised concerns among ethics experts, who view it as an example of how Trump’s vast business interests could create avenues for influence.
Richard Painter, former White House ethics lawyer under George W. Bush, noted the heightened risk:
“The conflicts have grown substantially with the scope of his business empire.”
Trump’s spokeswoman, Karoline Leavitt, dismissed concerns, highlighting that Trump had distanced himself from his real estate empire during his presidency and donated his salary:
“Unlike most politicians, President Trump didn’t get into politics for profit – he’s fighting because he loves this country.”
Critics argue that Trump has not adequately addressed the potential for corruption as his business dealings expand ahead of a possible return to the White House.
Novak Djokovic Sets Grand Slam Record with Melbourne Victory
Linda Nolan, Beloved Singer of The Nolans, Dies at 65
Drake Files Defamation Lawsuit Against Universal Music Group Over Kendrick Lamar Song
-
Business4 days agoUS TikTok Users Migrate to RedNote as Ban Deadline Approaches
-
News4 days agoSigns of Progress as Gaza Ceasefire Negotiations Continue in Qatar
-
News2 days agoIsrael and Hamas Reach Historic Ceasefire and Hostage Release Agreement
-
Sports2 days agoNovak Djokovic Sets Grand Slam Record with Melbourne Victory
-
Entertainment2 days agoDrake Files Defamation Lawsuit Against Universal Music Group Over Kendrick Lamar Song
-
Entertainment2 days agoLinda Nolan, Beloved Singer of The Nolans, Dies at 65