3-year cost-cutting plan in the beginning of 2016 to save HKD 700 million by 2018, by reducing dividend payouts, controlling costs, and trimming assets. The saving target was about 8% of its cost base in 2015. It was expected that 40% of savings coming from business alignment, 25% from restructuring middle to back offices, and remaining via branch automation and streamlining. By June 2016, BEA already slashed 180 jobs and closed down 22 securities brokerages outlets. Other key assets sold during this period of cost cutting included its holdings in Tricor, a professional services firm to private equity firm Permira for HKD 6.47 billion (profit of HKD 3.1 billion), and various consumer finance assets to China moneylender QL Finance for HKD 1.08 billion. On 29 June 2018, after 34 years of being a constituent of the Hang Seng Index, BEA was cut during the quarterly review of Hang Seng Index composition, effective 10 September 2018. The index said that the Bank of East Asia did not meet the turnover and market capitalisation minimums. In late 2018, BEA began to venture into investment banking by setting up a debt capital markets team based in Hong Kong. Since 2019 BEA began 2019 by celebrating its centennial on 2 January 2019, with a reception at the Hong Kong Convention and Exhibition Centre attended by various business and political leaders from Hong Kong. On 1 July 2019, David Li stepped down as CEO after 38 years (but still retaining his Chairmanship), and was replaced by his sons Adrian and Brian Li as co-CEO's. BEA faced a difficult 2019, with loan writedowns in China and unprecedented scale of protests in Hong Kong affecting business. Business segmentation BEA trades through the following segments: Corporate banking Personal banking Wealth management Insurance and retirement benefits Treasury markets China International divisions Headquarters From 1918 to 1920, the bank was headquartered in 2 Des Voeux Road Central, in Central, Hong Kong. In 1920, the bank moved its headquarters to the 29-storey Bank of East Asia Building (東亞銀行大廈) located at 10 Des Voeux Road Central, standing between New Henry House and The Landmark. The Bank of East Asia Building has had multiple rebuilds over the years: First generation (1920 to 1933) Second generation (1935 to 1980) Third generation (1982 to present) Mainland China operations Bank of East Asia began its mainland China business in 1992, and in 2007, was among the