HSBC to unveil US$1.5 billion of annual cost savings on February 19, FT reports

HSBC (0005) is preparing to report US$1.5 billion (HK$11.7 billion) of annual cost savings from the changes implemented under its broad restructuring initiatives, the Financial Times reported on Thursday.

The bank's Hong Kong shares fell 0.4 percent on Friday as the broader Hang Seng Index gained 2.5 percent.

Under chief executive Georges Elhedery, who replaced Noel Quinn in September 2024, HSBC is overhauling its dealmaking and corporate advisory activities in the West, to boost returns and tighten its focus on Asia, where it earns the bulk of its profit.

The bank said last month it plans to wind down its M&A and some equities businesses in Europe and the Americas, accelerating a shift towards Asia in its biggest retrenchment from investment banking in decades.