Bloomberg - HSBC doesn't needs to do anything radical to cut costs

Stack Of Pound Coins

'We don’t need to do anything radical'.

Bloomberg News reports that HSBC doesn’t need to resort to “radical” steps like cutting jobs to meet 2019 targets, CEO John Flint said after the bank reported worse-than-expected results.

“We don’t really need to do anything like that,” Flint said in a phone interview Tuesday, when asked if the cuts will be needed to improve a keenly watched profitability metric called jaws. “We’ve got time now to just defer some of the investment we’re going to make, but we don’t need to do anything radical.”

He declined to share details on investment plans. The bank reported negative 1.2% adjusted jaws in 2018 due to weak markets in the fourth quarter, which means costs grew faster than revenue. Management aims to return to positive adjusted jaws in 2019.

Hit the link below to access the complete Bloomberg News article:

HSBC's Flint Says Job Cuts Aren't Needed to Contain Costs

Goldman’s Asia Pacific CEO Ken Hitchner

 

 

Have something to tell us about this article?

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...