HSBC's new strategic direction includes a big cut in risk weighted assets 10 June 2015 3:48PM Ian Rogers HSBC last night outlined a shift in strategy that bends to the prevailing regulatory winds, including plans for a hefty cut in risk weighted assets.The UK-based bank spelled out ten main themes, which bear listing in full:1. A cut of at least 25 per cent in risk weighted assets, "and redeploy towards higher performing businesses";2. The sale of operations in Turkey and Brazil;3. "Rebuild North American profitability";4. Set up a "UK ring-fenced bank";5. Cost savings of US$4.5 billion to US$5 billion;6. "Growth above GDP" from the international network;7. "Capture growth opportunities in Asia", with the Pearl River Delta, ASEAN, asset management and insurance listed as priorities. Australia rates a mention as a subsidiary priority in Asia.8. "Extend leadership in RMB internationalisation";9. "Complete global standards implementation"; and10. Complete the headquarters review by end 2015, which may lead to a return of the domicile to Asia, 30 years after giving up its Hong Kong base for a UK HQ.Some of the details had leaked over recent weeks, but the scale of the cut in risk weighted assets shows another "internationally active" bank (to use a regulators' phrase) adapting to maximise capital ratios by scaling back on lending just as Deutsche Bank, for one, is now doing.UK media outlets report that HSBC's plan will eliminate "as many as 25,000 jobs".