HSBC CFO Says Shift to Remote Working May Help Deepen Cost Cuts

Hybrid model could see staff work from home three days a week
Increasing digital engagement may reduce reliance on branches

Ewen Stevenson, chief financial officer at HSBC Holdings Plc., discusses the possibility of the bank paying a conservative dividend for 2020, credit losses and the company’s cost cuts. He speaks on “BloombergDaybreak: Middle East.” (Source: Bloomberg)

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By Alfred Liu, Harry Wilson, and Manus Cranny

October 27, 2020 at 10:14 AM UTC

This article is for subscribers only.

HSBC Holdings Plc is counting on the new normal spawned by the pandemic to boost its cost-cutting effort.

A shift in customer behavior could reduce the bank’s reliance on its physical branches, while more remote working for some of its staff may reduce office costs, according to Chief Financial Officer Ewen Stevenson.