Under the term of HSBC Chief Executive Officer Stuart Gulliver, he has overseen fifty two deals or buyouts done in the past two years. The latest in these business decisions include the sale by the bank of its shareholdings in a Korean insurance firm last mongh.
This is all part of a three year restructuring plan and with just one year to go, Gulliver would be reporting on how he will meet set targets. His report should provide plans in finding ways to generate more than US$1 billion in cost savings- cut backs on the workforce and offer higher yields for its investors.
Gulliver's strong points include the simplification of the HSBC structure with focus on growth areas, build capital, improve risk management and cut costs. This is clearly showcased in the sale of the shares over the Korean insurance firm, where it was not a majority shareholding and insurance is no longer a core business of the bank.
Thus the sale of more minority shareholdings and other insurance operations as well as further restructuring in Europe, Latin America and the United States would be in the offing for the next year of Gulliver's plan.
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