HSBC to “streamline” IT in $3.5 billion costs drive 

HSBC said that it will "streamline" its global IT operations as part of plan to cut operating costs by up to $3.5 billion.

The banking giant says the radical cost reduction drive is designed to "create capacity to re-invest in growth markets and to provide a buffer against regulatory and inflationary headwind".

CEO Stuart Gulliver said the plan will include "re-engineering business processes and streamlining IT". He added, however, that the bank’s sustainable cost savings would allow future investments in technology.

Earlier this week, HSBC reported a 14% drop in profit for the first quarter of the year, down to $4.9 billion. This was in part due to a 7% increase in operating costs to $10.3 billion for the quarter.

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Ben Rossi

Ben was Vitesse Media's editorial director, leading content creation and editorial strategy across all Vitesse products, including its market-leading B2B and consumer magazines, websites, research and...

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