HSBC CEO Says `Too Early' to See Deeper Investment-Banking Cuts
- CEO says if trend deepens, bank will respond at half year
- Unit's pretax profit was below estimates of Citigroup analysts
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HSBC Holdings Plc, the U.K. lender eliminating 25,000 jobs to boost profitability, doesn’t plan to deepen cuts at its securities unit amid a market rout, said Chief Executive Officer Stuart Gulliver.
“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.”