This would represent a roughly 10% cut in the bank’s expense bill, which this year is estimated to come in at around $32.6 billion according to figures compiled by Bloomberg. The bank is expected to provide details of the financial impact of its restructuring plans, including a one-time charge tied to that work, alongside its full-year results in February.
HSBC Holdings Plc is examining plans that could cut costs by at least $3 billion as it continues to restructure its worldwide operations under new CEO Georges Elhedery.
Europe’s largest bank told managers last week that its revamp would take until June 2025 to pull off, according to people familiar with the matter. The total cost saving is still a work in progress, but executives hope the work will help them shave at least $3 billion in expenses, the people said, asking not to be identified discussing private information.
