HSBC Targets $1.5 Billion in Cost Savings from Restructuring
London, Feb 19 (Reuters) - HSBC Holdings PLC (HSBA.L) is poised to unveil annual cost savings of $1.5 billion from its ongoing restructuring efforts, the Financial Times reported Thursday.
Since the global financial crisis, HSBC has gradually reduced its global presence, shedding unprofitable retail banking operations in countries from France to Greece to Canada. Under the leadership of CEO Georges Elhedery, who succeeded Noel Quinn in September 2024, the bank is now overhauling its dealmaking and advisory services in the West. This move aims to enhance returns and align its strategic focus with Asia, where it generates the majority of its profits.
HSBC did not offer an immediate response to Reuters' request for comment. In January, the bank announced plans to wind down its mergers and acquisitions (M&A) and certain equity businesses in Europe and the Americas. This decision marked a significant step in its shift towards Asia, representing the company's largest retrenchment from investment banking in decades.
(Reporting by Kanjyik Ghosh; Editing by Alan Barona)