HSBC probes its China Pinnacle wealth business; move could see layoffs, sources say 

Quick Summary:

Bank looking at staff salary structures and probing whether suppliers inflated expenses, sources say.

The review is also looking into Pinnacle’s staff compensation structure, the source said.  Salespeople at Pinnacle earn fixed salaries that are relatively higher than others in the industry, the source said.

One focus of the review is a probe into multiple incidents of potentially inaccurate expenses incurred by the division, mainly involving suppliers, according to the five sources familiar with the matter.

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Article Details

Category: EconomyBusiness

Markets: SingaporeChinaHong KongMacauTaiwan

Topics: Hong Part China Hsbc Expenses Pinnacle Business Sources Wealth Bank Review

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-15 @ 08:50:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 754 words

Reading Time: 5 minutes read

Sentences: 34 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Straits Times

News ID: 23062954

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