HSBC, a big bank, is making some changes to its digital business in China called Pinnacle. It's like a store selling insurance and investments online. Pinnacle isn't doing as well as hoped, so HSBC is making big changes.
- HSBC is reducing its staff at Pinnacle by almost half!
- Around 900 people will be affected.
- This is because Pinnacle's costs were too high.
- HSBC says it's still committed to China, but wants to save money.
| Fact | Number |
|---|---|
| Original Pinnacle staff | ~2100 |
| Staff cuts | ~900 |
| Insurance agents leaving | >500 |
| Growth in wealth invested assets (2024) | 61% |
