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Report: HSBC eyes bad bank, consolidation of 2 divisions

HSBC Holdings PLC plans to create a bad bank for unwanted assets in a restructuring that also involves potentially combining into a new unit its global banking business and some parts of the commercial banking division, Financial News reported Feb. 13, citing people familiar with the proposals by the company's management.

The most likely contender to head the new unit is Greg Guyett, head of global banking, while HSBC's COO for global banking Mary MacLeod could become COO of the new entity, the people said.

The U.K. group will set up a bad bank to house $150 billion to $250 billion of underperforming assets and businesses, according to one person. These are likely to include global banking and markets assets, the French retail unit and Turkish operations, according to the report.

Final decisions on the moves still need to be made and the nature of the restructuring could change, the people said.

The bank could disclose a strategic shake-up at its full-year results announcement on Feb. 18.

Interim CEO Noel Quinn had vowed to remodel the bank in October 2019 when it announced third-quarter 2019 results, to tackle performance issues in Europe and some other parts of the world.