Wells Fargo, America’s fourth-largest bank by assets, has been quietly working on a plan to move its Asian regional hub from Hong Kong to Singapore as part of wider restructuring efforts.
The move comes as the bank is drastically cutting costs and during a tumultuous time for Hong Kong, where Chinese authorities introduced a national security law last year to counter persistent anti-government protests.
The plan would involve slowly building up Singapore as Wells Fargo’s Asian hub through a mixture of new hires and redundancies in Hong Kong, according to four people with knowledge of the matter. It would still maintain a presence in the territory. One former employee said the plan was dubbed internally “project sun”.
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