HSBC to reveal 1.5 billion dollars savings with an Elheedry’s restructuring kick

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HSBC is preparing to unveil $ 1.5 billion from annual cost savings from the fundamental -shaped reform of President George Ilidri for the bank.

The largest lender in Europe will put the numbers for the first time on Wednesday, February 19, when Elheedry provides the entire year’s results for investors.

It is expected to report $ 1.5 billion of savings from changes after one time, according to two people familiar with this issue.

HSBC He refused to comment.

ELHEDEY announced a comprehensive reorganization in October, weeks later Take overTo reduce duplication and help strip costs from an organization with a good reputation as a bureaucratic package.

The CEO said that the plans will lead to a “simpler, more dynamic and graceful organization.” The bank’s shares have increased by 30 percent since the announcement.

Elydery’s plans are how London -based group is organizing its headquarters. It now has individual units for its main market in the United Kingdom and Hong Kong, one unit that focuses on corporate and institutional banking services, and another for international wealth and leading banking services.

Reopening means strengthening commercial and investment banks, which are three sections of HSBC in their old structure.

The combination of them has been able to reduce the number of bankers who multiply in different geographical areas-especially in the higher ranks-and many of the belt transplant have come so far from repetition. The number of senior managers was cut by about half.

On Wednesday, HSBC is also preparing to determine the expected savings of ELHEDEY decision to withdraw from some non -basic markets, the number that the two people have set about $ 1.5 billion.

HSBC announced in January that it will withdraw from the main parts of its investment banking business in the United Kingdom, Europe and the Americas, which have caught many employees in those companies outside the guard. I also decided Close her payments Zing application just one year after its launch.

People familiar with the discussions said that the bank is quickly spent to develop the Elhedary plan into practice, but it still exceeds what to do with its operations in Mexico.

HSBC has greatly examined its expansion of its Mexican business as part of a broader review of the non -essential retail operations, according to the Financial Times previously reported.

The bank is under pressure to control costs with the high interest rate period – which strengthened the bank’s profits – ends.

The net interest margin, a main measure of lending profitability, decreased in the third quarter of 2024. Its costs increased by 2 percent, partially due to inflation.

The number of main employees of HSBC remained stubbornly in recent years, despite the efforts made by Elheedry to extinguish the bank.

Former CEO Noel Quinn had previously pledged to reduce full -time jobs to 200,000 by the end of 2023. At the end of September last year, she had 215,180 full -time employees.