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HSBC cuts $2 billion following turnaround plan

  • HSBC has cut costs by $2 billion after a year of a 3-year turnaround plan.

    Europe’s biggest bank is on track to meet its return on equity and other financial targets.

    HSBC has sold 28 businesses, taken 15,000 staff off its payroll and released around $55 billion in risk-weighted assets.

    The bank is close to achieving the bottom end of a $2.5 to $3.5 billion range of annualised savings by next year.