HSBC Holdings Plc is reviewing expenses and operational controls at its China digital wealth business, Pinnacle, potentially leading to layoffs, Reuters reported. The review, which began a few months ago, focuses on staff salary structures and possible inflated supplier expenses. Pinnacle, launched in 2020, was meant to expand HSBC’s presence in China's wealth market by offering insurance and fund products. The unit, which employs 1,700 wealth planners, has faced rising costs that outpaced revenues. This marks a potential setback for HSBC, which has heavily invested in Asia. Pinnacle is part of HSBC's wealth and personal banking division, which remains unprofitable in Greater China, despite the region being the bank’s largest income generator globally. The review is expected to conclude by year-end.