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Investing.com -- HSBC is making significant staff reductions at Pinnacle, its China digital wealth business by cutting the workforce by almost half, or approximately 900 people, Reuters reported on Thursday.
This decision marks a significant shift from the bank’s previous expansion plans for the unit in China.
Pinnacle, launched in 2020, is a digital platform that offers insurance and fund products in China.
The platform had around 2,100 employees across two of its main units by the end of June last year. This figure is based on company disclosures and official business records, according to the report.
The decision to reduce staff at Pinnacle highlights the difficulties HSBC, an Asia-focused bank, is experiencing in its efforts to stimulate growth and profitability in China, the report added.
This comes at a time when the bank is also implementing cost-cutting measures to increase returns.
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