HSBC targets China's wealthy with new powerhouse

HSBC is looking to better tap into China's growing wealth both at home and abroad by combining its private bank with its wealth management and retail banking businesses. Charlie Nunn, the chief executive of HSBC's new wealth and personal banking unit, told the South China Morning Post that the combined business can become a "real powerhouse" in the wealth space with the goal of increasing revenue by "double digits". The move comes as HSBC prepares to cut 35,000 jobs globally, reducing h...