HSBC under fresh pressure to break up - reports

Comments from Michael Huang

HSBC bosses have been told by a major shareholder in the banking giant that its size is holding it back and a restructure of the business is necessary, according to reports.

This would involve shaving off HSBC's Asian business as a separate entity, The Times reports. State-backed Chinese group Ping An Asset Management was behind public intervention, which, by owning 8% of the company, is HSBC's biggest shareholder,  Ping An has previously made similar calls privately, according to reports. The move to go public has been seen as an escalation in its pressure campaign. Michael Huang, Ping An's chairman, said HSBC's performance had fallen "far below" that of its rivals.  He said that Ping An "will support any initiatives including a spin-off that are c...