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HSBC reveals $2bn cost savings

HSBC expects to see its revenue grow by around $2 billion annually thanks to its new business strategy.

That is according to chief executive officer Stuart Gulliver, who has revealed today (17 May) that the bank is firmly on course to meet its cost-efficiency targets moving forward.

Upon taking up his role last year, Mr Gulliver announced his plan to completely restructure the financier by implementing thousands of job cuts globally while also focusing on capitalizing on growth in emerging markets over the next three years.

It was thought such a strategy would help the company experience higher profits as well as comply with new rules being imposed by regulatory bodies in the banking industry.

And the official has today noted things are going according to plan 12 months into this process.

"At the year one report card we can evidence that on things we can control we are demonstrating significant traction. We are delivering with good momentum given a difficult backdrop," he was quoted by Reuters as saying.

By Claire Archer