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HSBC expects revamp to cost $1.8 billion over two years
Mint Mumbai
|February 20, 2025
SBC Holdings Plc will incur $1.8 billion in charges over the next two years as it embarks on a global restructuring program that has seen the lender shutter some of its businesses and slash management ranks.
Europe's largest bank, which has been deepening its push into Asia and some Middle East markets, said it hopes the restructuring will allow it to whittle away $3 billion in expenses in the coming years. About half of that would then be reinvested into priority growth areas, according to its full-year earnings presentation.
Wednesday. "Since becoming CEO, I have focused on simplifying how we operate," chief executive officer (CEO) Georges Elhedery said in a statement in which he also detailed a $2 billion share buyback. "We are creating a simple, more agile, focused bank built on our core strengths."
The lender's shares, which have surged 15.4% so far this year, were up 0.2% in early afternoon Hong Kong trading. Analysts at Jefferies Financial Group Inc. said "some investors would have hoped for a better than $2 billion share buyback."
This story is from the February 20, 2025 edition of Mint Mumbai.
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