HSBCs two top Executivesresignation within a week: irrelevant to Huaweis incident

category:Finance
 HSBCs two top Executivesresignation within a week: irrelevant to Huaweis incident


The CEOs of the four markets will continue to work together to promote the growth of HSBCs business in Greater China. In other words, the post of Chief Executive Officer of Greater China will no longer be filled. The spokesman for HSBC also said that after more than 150 years of rooting in China, HSBC has a long-term commitment to China and will continue to invest in and develop its business strategy in China, and will continue to contribute to Chinas economic prosperity and growth.

Huang Bijuans departure means that two senior executives of HSBC Holdings will leave within a week. On August 5, when HSBC Holdings disclosed its second-quarter results in 2019, it also disclosed a major personnel change, that is, HSBC CEO Fanning will step down and HSBC head of global commercial bank Noel Quinn will replace Fanning as interim CEO.

There are rumors that Fanning left his post or was involved in the Huawei case. According to the Global Times, HSBC, which was targeted by the U.S. Department of Justice for a series of problems such as money laundering and sanctions violations, agreed to cooperate with the U.S. Department of Justice in other cases in order to escape punishment, according to the Financial Times. Chinas Huawei Company has become the victim of such cooperation, which eventually led to the arrest of Huawei executives. In response, Ren Zhengfei said in an interview with the Financial Times that HSBCs statement was questionable. HSBC has been aware of Skycoms business in Iran from the very beginning and of Skycoms relationship with Huawei, Ren said. The e-mail between Huawei and the bank proves that there is also the banks LOGO on it. So from a legal point of view, they cant say they were cheated or didnt know, because we have evidence.

Later today, a spokesman for HSBC stressed to the Beijing News that Huang Bijuans departure has nothing to do with the departure of HSBC CEO Fan Ning and the Huawei incident.