HSBC sets out scale of cost cuts under chief executive’s restructuring plan

HSBC has unveiled a goal of saving $300mn in 2025 and cutting $1.5bn from its annual cost base by the end of next year, as it detailed the impact of chief executive Georges Elhedery’s overhaul for the first time.

The bank said on Wednesday it would also aim to redeploy about $1.5bn from “non-strategic activities” to areas where it had a competitive advantage. It expected its actions to trigger $1.8bn in upfront costs, including severance, in 2025 and 2026.