HSBC's Top Shareholder Supports Splitting Up The Banking Giant - HSBC Holdings (NYSE:HSBC)

Ping An Insurance Co, HSBC Holdings plc's HSBC largest shareholder, has called for radical cost-cutting measures to boost the bank's profits.
The insurance firm owns around 8% of the bank and said it would potentially support spinning off part of the company, Wall Street Journal reported.
The company had previously proposed splitting HSBC's Asian units—which provide the bulk of the company's profits.
"As one of HSBC's major shareholders, we are most concerned about HSBC's performance, dividends, and market capitalization," Huang Yong, chairman of Ping An Asset Management, said in the comments.
"HSBC's performance on these indicators has been far below that of an equivalent peer group and far below the expectations of most shareholders."
In October, HSBC said it was considering selling its business in Canada without disclosing the potential valuation of the business. But the antitrust challenge could discourage big domestic banks from bidding.
HSBC reported Q3 profit after tax of $2.56 billion, down from $4.24 billion a year ago, and profit before tax fell to $3.1 billion from $5.4 billion.
The results included an impairment of $2.4 billion following the reclassification of retail banking operations in France to held for sale, net charge for expected credit losses, and other credit impairment charges.
Price Action: HSBC shares are up 8.01% at $27.97 on the last check Friday.