Cost-cutting efforts at HSBC will accelerate with chief executive Noel Quinn recently finding additional areas to unload expenses.
Extra costs totalling $1.7 billion have been identified by HSBC for removal in 2023, according to a «Financial Times» report citing CEO Noel Quinn at a recent conference hosted by the media firm. This is up from the $1 billion of additional savings originally announced at the third quarter earnings in October while the target of a 2 percent rise in costs next year remained in place.
«I’m not going to pretend it’s easy,» Quinn said, highlighting cost controls under high inflation as a challenge.
The bank’s announcement of more ambitious cost cuts follows the agreed sale of its Canadian business to RBC and the recent start of a review of its New Zealand retail unit.
Ping An, Hong Kong, Crypto
At the Financial Times conference in London, Quinn also spoke about Ping An’s breakup calls and his belief that the Chinese insurer’s moves were not politically motivated due to dialogue with various stakeholders.
Quinn also reiterated his confidence in Hong Kong as a financial center and his skepticism against cryptocurrencies, adding that the bank has no plans to enter the digital currency market via a retail offering or trading desks, unlike other rivals.
