Finance
HSBC Expects Revamp to Cost $1.8 Billion Over Two Years
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HSBC Holdings Plc will incur $1.8 billion in charges over the next two years as it embarks on a global restructuring program that has seen the lender shutter some of its businesses and slash management ranks.
Europe’s largest bank, which has been deepening its push into Asia and some Middle East markets, said it hopes the restructuring will allow it to whittle away $3 billion in expenses in the coming years. About half of that would then be reinvested into priority growth areas, according to its full-year earnings presentation Wednesday.