These are the new boss’s plans

Frankfurt Farewell to the stock exchange, change of boss, downsizing: Nicolo Salsano is not an easy legacy. Five months after his appointment in May as head of the UK bank HSBC in Germany, the parent company announced that the Düsseldorf location will in future be downgraded to a branch of the new European headquarters based in Paris. The “Project Titan”, as it is called internally, brought the end of the HSBC stock exchange listing in Germany.

In an interview with Handelsblatt, Salsano now emphasizes that Germany is and will remain “an absolute core market” globally for HSBC despite the restructuring: “It is not just about merging two units, but about the prospect of a stronger unit in Europe.” When asked, Salsano did not want to comment on which specific key functions will be located in Düsseldorf and which in Paris. The feasibility study carried out in March serves as a guide for the bank.