HSBC Plans $3 Billion Cost Savings in Major Overhaul
(Reuters) - HSBC Holdings Plc is examining plans that could cut costs by at least $3 billion as the bank continues to restructure its worldwide operations under new CEO Georges Elhedery, Bloomberg News reported on Wednesday.
Europe's largest bank told managers last week that its revamp would take until June 2025 to complete, the report said, citing people familiar with the matter.
This would represent an about 10% cut in HSBC's expense bill, the report said, adding that the bank is expected to provide details of the financial impact of its restructuring plans, alongside its annual results in February.
HSBC declined to comment on the report.
Last week, HSBC announced a raft of senior management departures and appointments, as CEO Elhedery completed the first phase of a sweeping overhaul aimed at streamlining costs and improving decision-making.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Abinaya Vijayaraghavan and Shilpi Majumdar)
