'It’s too early'.
“It’s too early,” Gulliver said on a call with analysts this morning, when asked if he plans to trim costs further at the Global Banking and Markets business. “We haven’t finished the second month of the year. We need to see whether this trend deepens and if it does, then we’ll respond at the half year.”
Bloomberg News reports that Gulliver, 56, is shrinking operations at HSBC’s investment bank, which includes bond- and stock-trading operations, as part of a plan he laid out in June to cut as much as $5bn in costs by the end of 2017. Global markets have since tumbled while a slowdown in the Chinese economy has further complicated the lender’s Asia-focused turnaround plan.
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