HSBC to cut costs by US$4.5 billion in third strategic overhaul in a decade as bank’s 2019 pre-tax profit misses estimates

HSBC, the largest of Hong Kong’s three currency issuing banks, said it plans to cut costs by an additional US$4.5 billion, reduce its investment banking presence in Europe and reshape its United States corporate and retail bank, part of a broad overhaul by interim chief executive Noel Quinn to secure a permanent role in the bank’s top job.The bank said it plans to lower its annual cost base to US$31 billion or less by 2022, part of a “high-level restructuring” over the next two years. The…



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