HSBC may sell Monaco unit

City A.M. Reporter
HSBC said yesterday it may sell its private banking business in Monaco as part of an ongoing strategic review.

It had received “unsolicited expressions of interest” for the unit, it said in a statement.

HSBC has closed or sold more than 50 businesses since chief executive Stuart Gulliver took the top job in 2011, and is due to give a strategy update for investors today.

Gulliver is expected to say he can find at least $1bn more in cost savings, axe more jobs and businesses and dangle the prospect of higher dividends for investors.

One-off gains from disposals helped the bank nearly double its quarterly pre-tax profits to $8.4bn last week.