HSBC Holdings Plc has announced a global restructuring program that will incur $1.8 billion in charges over the next two years. The move aims to create a more agile bank with a simpler structure, according to CEO Elhedery.
The restructuring includes closing some businesses and reducing management ranks. Despite this, HSBC expects to cut its expenses by $3 billion in the coming years. Approximately half of these savings will be reinvested into high-priority growth areas, such as Asia and Middle East markets.
Source: https://www.bloomberg.com/news/articles/2025-02-19/hsbc-sees-1-8-billion-cost-over-two-years-in-elhedery-revamp