Firstly, HSBC's absolute performance improvement has been driven mostly by interest rate rises which are now likely to peak.

Source: https://www.marketscreener.com/quote/stock/PING-AN-INSURANCE-GROUP-C-1412620/news/Ping-An-Insurance-of-China-Asset-Management-Company-statement-on-HSBC-Group-Plc-43530844/?utm_medium=RSS&utm_content=20230418

HONG KONG/LONDON: HSBC's most vocal minority investors are demanding a vote at the global lender's 2023 shareholder meeting in May on whether it should devise a formal plan to boost returns by spinning off its lucrative Asian business.

Source: https://www.channelnewsasia.com/business/hsbc-activist-shareholder-demands-agm-vote-asia-business-spin-3316396?cid=cna_flip_070214

HSBC's top shareholder accuses the bank of exaggerating cost.

Source: https://www.dailymail.co.uk/money/markets/article-11989359/Liontrust-Asset-Management-ups-profit-outlook-fee-levels-rise.html?ns_mchannel=rss&ns_campaign=1490&ito=1490

The Department for Enterprise has called proposed changes to HSBC's operations in the Isle of Man 'disappointing'.

Source: https://www.manxradio.com/news/isle-of-man-news/proposed-hsbc-ramsey-closure-disappointing-says-dfe/

"We believe that this shows a level of contempt towards HSBC's customers, and that the bank's language and rationale surrounding the decision to close the service has been disingenuous."

Source: https://www.bbc.co.uk/news/uk-wales-politics-67680859?at_medium=RSS&at_campaign=KARANGA