HSBC is one of the world’s biggest banks. HSBC stands for ‘Hong Kong Shanghai Banking Corporation. HSBC moved to London (UK) many years ago, because it wanted to focus more on European markets.
However, now in 2021, HSBC makes most of its money in Asia. For that reason, HSBC plans to move some senior managers from London back to Hong Kong. HSBC said they want to focus more on the Asian market.
HSBC said that London is still an important market for them. However, HSBC thinks the Asian markets are growing quicker than the European and American markets right now. That is the reason for their decision.
Corporation – company/business
Bank – a place people keep money.
Market – an area to do business (economy).
Manager – a boss.
Senior manager – A leader in a business (senior boss/director/CEO)