What does "run off" mean? "wirte out quickly"?

[NewHopeR]

Context:
"We will continue to simplify HSBC, enabling us to integrate systems and operate to high global standards internationally," Gulliver said in the statement. "We will continue to run off our legacy assets, including the U.S. consumer and mortgage lending book."

 

[SoothingDave]

Without more context, I would say they are "running off" of these assets in the same way a car runs off of gasoline. They are using the assets as fuel for the operation of the organization. But in context, it might mean something different entirely.

 

[NewHopeR]

Without more context, I would say they are "running off" of these assets in the same way a car runs off of gasoline. They are using the assets as fuel for the operation of the organization. But in context, it might mean something different entirely.

More context, click:
HSBC says turnaround plan on target, costs cut by $2 billion

 

[5jj]

It could mean, as Dave suggests, that they will use these assets as fuel, but I think that it could also mean that they will get rid off these assets. It is not clear.

 

[NewHopeR]

It could mean, as Dave suggests, that they will use these assets as fuel, but I think that it could also mean that they will get rid off these assets. It is not clear.

Sounds like politicians playing word tricks.
Let's wait?

 

[SoothingDave]

Since the article says they sold off their US credit card operations and that they have had "disastrous" results in the US mortgage market, then it must mean that they are getting rid of these investments.

This may be standard jargon in the financial world, but not to me.

 

[NewHopeR]

Since the article says they sold off their US credit card operations and that they have had "disastrous" results in the US mortgage market, then it must mean that they are getting rid of these investments.

This may be standard jargon in the financial world, but not to me.

Thank you.

We will continue to run off our legacy assets, including the U.S. consumer and mortgage lending book

I don't understand why "book" can be counted as "asset" here.

 

[SoothingDave]

Do you know that "bookkeeper" is another word for "accountant?" Accountants keep the books, records of all finanacial transactions.

In the case of a bank, imagine that the bank had one big book in which they recorded all of the mortgages that they lent money for, and all of the payments that they had received and were due to receive in the future.

Now, it's not really a big book today. But the idea is the same. All of the mortgage loan activity is referred to as the "mortgage lending book."