LONDON: Asia-focused bank, HSBC, yesterday announced that it will make another $2bn-$3bn of new cost savings by 2016, extending its restructuring plans.
The lender said in a statement that it will seek the additional sustainable cost savings on top of its wide-ranging restructuring process that was launched in 2011.
HSBC revealed last week that it had slashed a total of $4bn from its annual costs, axing about 46,000 jobs since 2011 as part of a vast restructuring.
“We have transformed HSBC in the first phase of the execution of our strategy,” said chief executive Stuart Gulliver in yesterday’s strategy update.
“We have announced the closure or disposal of 52 non-strategic or underperforming businesses, achieved $4bn of annualised sustainable cost savings and generated double-digit loan growth in 15 priority markets. HSBC is now simpler, easier to manage and ready to take advantage of growth opportunities,” Gulliver said.AFP
