FT News Briefing HSBC’s east-west split
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Oct 23, 2024 Kay Wiggins, FT's Asia Financial Correspondent, delves into HSBC's major restructuring aimed at navigating eastern and western markets amidst geopolitical tensions. Christian Davies, FT’s bureau chief, discusses the alarming reports of North Korean troops being deployed in Ukraine, raising concerns for global stability. They also touch on potential trade wars and tariff increases that could threaten the world’s economic growth. Tune in for insights on how these events may reshape international relations and financial landscapes.
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Consulting Demand Slowdown
- Deloitte cut 250 UK jobs amidst a global dip in consulting demand.
- This follows similar headcount reductions at KPMG, EY, and PwC due to market slowdown.
HSBC Restructure
- HSBC CEO Georges Elhedery announced a restructuring, separating East and West operations.
- This aims to increase agility and address potential geopolitical tensions, especially concerning China.
Tariff Impact Warning
- The IMF warned that increased tariffs, like those proposed by Donald Trump, would damage global growth.
- They predict a potential fall in global output by 0.8% next year and 1.3% by 2026.