To achieve the reduction, the bank said it plans to incur 1.8 billion dollars (£1.4 billion) in severance and other upfront costs over the next two years, as well as redeploying around 1.5 billion dollars (£1.2 billion) from “non-strategic activities” to areas where it has “a clear competitive advantage”.
The UK’s largest bank unveiled a better-than-expected 6.6% rise in pre-tax profits to 32.3 billion US dollars (£25.6 billion) for 2024, up from 30.3 billion dollars (£24.1 billion) in 2023.
It held its bonus pool largely steady at 3.8 billion US dollars (£3.01 billion) for 2024, up slightly from 3.77 billion US dollars (£2.99 billion) in 2023.
Banking giant HSBC has revealed it is kicking off a round of jobs cuts in the UK and worldwide as it seeks to slash costs by 1.5 billion US dollars (£1.2 billion) by the end of 2026.
Its reorganisation aims to generate cost reductions of 300 million dollars (£238 million) this year with the commitment to the 1.5 billion dollars (£1.2 billion) annualised reduction in the cost base expected by the end of 2026.
