11:40 AM EDT, 10/14/2024 (MT Newswires) -- (Updates with HSBC's ( HSBC ) response in the fourth paragraph.)

HSBC Holdings ( HSBC ) started a review of expenses and operational controls at its China digital wealth business Pinnacle a few months ago, Reuters reported Monday, citing several unnamed sources.

The bank is looking into staff salary structures and whether suppliers inflated expenses, adding to a sharp increase in costs that exceeded revenue, the report said.

The review, which the bank plans to finish by yearend, could result in job cuts, according to the report.

HSBC ( HSBC ) declined MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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