There will be some cuts to Canadian staff, but the bank was unable to say if they would result in net losses. “Canada is one of the countries that has been identified as performing well,” said Sharon Wilks, HSBC Canada head of media relations. “There will be cuts in some areas even as we will be hiring in areas that represent growth opportunities.” The bank is cutting US$100 billion in assets over the next three years as it reduces its U.S. and European footprint and focuses on Asia and the Middle East. (The Logic)

Talking point: While the bank as a whole is struggling, HSBC’s Canadian operations are doing well. In 2018, HSBC Canada announced it was opening more branches, and HSBC highlighted Canada as a “strong performing franchise” in its 2019 annual financial results, emphasizing that its return on tangible equity in the country hit 12 per cent. By comparison, HSBC’s global net profit dropped 53 per cent in 2019. HSBC plans to combine its private-banking unit with retail and wealth management globally, but only the latter division operates in Canada. The bank has increasingly challenged the Big Six for market share. Last week, The Logic reported HSBC wants the federal government to require banks to share information with fintechs, even as other large banks urged caution. RBC, BMO and CIBC have all reported cuts in recent months.