HSBC Holdings Plc is to significantly scale back the scope of its global Islamic banking operations, as the business becomes the latest area to be affected by a wider restructuring at the UK-based bank.
HSBC is cutting thousands of jobs and exiting non-core businesses as part of Chief Executive Stuart Gulliver’s plans to cut costs and improve profitability. The bank has already divested assets in more than 26 countries, including the United States, South Korea and Pakistan………………………………………..Full Article: Source