Bloomberg and staff reporter
HSBC (0005) is examining plans that could cut costs by at least US$3 billion (HK$23.4 billion) as the bank continues to restructure its worldwide operations under new chief executive Georges Elhedery.
Europe's largest bank told managers last week that its revamp would take until June 2025 to complete, people familiar with the matter said.
This would represent an about 10 percent 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.
Last week, HSBC announced a raft of senior management departures and appointments, as Elhedery completed the first phase of a sweeping overhaul aimed at streamlining costs.
In other news, the Hong Kong Shanghai and Banking Corporation has been named the exclusive premier founding partner of Kai Tak Sports Park. The partnership includes the construction of Hong Kong's first outdoor AirBadminton court at the Kai Tak Mall.
The bank also plans to set up a flagship branch and ATM services in Kowloon East at KTSP.
KTSP will open in the first quarter of 2025.
Gilbert Ho, co-chief executive of Chow Tai Fook Enterprises and executive director and group co-chief executive of NWS Holdings, right, with KTSP project director John Sharkey and Luanne Lim, chief executive, Hong Kong, HSBC at the ceremony to launch
