HSBC May Take Three Years to Meet Targets as Expenses Jump
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HSBC Holdings Plc Chief Executive Officer Stuart Gulliver said it may take as long as three years to meet the bank’s cost-reduction target after expenses jumped in the first quarter.
Costs as a proportion of income rose to 60.9 percent from 49.6 percent, the London-based bank said in a statement today. Net income rose 58 percent to $4.15 billion from $2.63 billion in the year-earlier period, the lender said in its first detailed quarterly earnings report.