HSBC to cut costs, divert funds to high-growth markets

11 May 2011 | 1 minute read

After declaring a strong set of results which nonetheless underscored growing profits accompanied by higher costs, HSBC CEO Stuart Gulliver has unveiled a strategic plan that aims to cut costs by as much as US$3.5 billion over the next three years. The bank reported a net profit of $US4.15 billion up 58 per cent from the $US2.63bn in the same…

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