HSBC unveiled a goal of saving $300mn this year and cutting $1.5bn from its annual cost base by the end of next year, as it detailed the impact of chief executive Georges Elhedery’s overhaul for the first time.
The bank said on Wednesday it would aim to redeploy about $1.5bn from “non-strategic activities” to areas where it had a competitive advantage. It expected its actions to trigger $1.8bn in upfront costs, including severance, in 2025 and 2026.
HSBC gave the figures in its full-year earnings report, which showed a pre-tax profit of $2.3bn in the final three months of last year, up $1.3bn on last year’s figure.
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