Stuart Gulliver

Banking giant HSBC announced the appointment of a new chairman on March 13 as part of a management overhaul which will also see it choose a new CEO, after a massive drop in profits in 2016.

British businessman Mark Tucker will take over from current chairman Douglas Flint in October. Tucker is currently group chief executive and president of insurance group AIA.

HSBC has decided to retain its Turkish operations after the offers it received for the unit were deemed not to be in the best interest of shareholders, Group CEO Stuart Gulliver said in a statement on Feb. 22.

HSBC has decided to retain its Turkish operations after the offers it received for the unit were deemed not to be in the best interest of shareholders, Group CEO Stuart Gulliver said in a statement on Feb. 22.

Turkey's Fibabanka has joined the ranks of banks interested in buying HSBC's Turkish unit, two sources close to the matter told Reuters, a business that is also being considered by ING Group.

Scandal-hit bank HSBC said on June 9 it would cut its global headcount by up to 50,000 as part of a restructuring that entails its withdrawal from Brazil and Turkey, while it also mulls abandoning London as its HQ.

In a statement to the Hong Kong stock exchange it also said it intends to save $5 billion in annual costs within two years.

Scandal-hit global bank HSBC plans to cut thousands of jobs across its global operations, broadcaster Sky News reported on June 2.

ING Group, BNP Paribas and Bahrain-based Arab Banking Corp (ABC) have submitted bids to buy HSBC's Turkish business, a source familiar with the process said on May 29.

The source said the bids are non-binding, suggesting that the process could still take some time to complete, but that one-to-one talks have begun.

HSBC Holdings Plc could select a preferred bidder for its struggling Brazilian unit as early as next month, with the sale expected to be finalized by August, three sources with knowledge of the process said.

HSBC has given its four problem businesses in Brazil, Mexico, Turkey and the United States as little as one year to prove their worth before ?more extreme? turnaround solutions are proposed, its CEO said on Feb. 23.

HSBC published a full-page letter in British newspapers on Feb. 15 to offer its "sincerest apologies" for past practices at its Swiss private bank, which has been accused of helping clients to evade tax.