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International Business Times
International Business Times
Business

HSBC Targets $1.5 Bn In Annual Cost Savings After Revamp

HSBC Georges Elhedery Hong Kong
HSBC's share price has risen to an 11-year high in Hong Kong (Credit: AFP)

Banking giant HSBC said Wednesday that CEO Georges Elhedery's plan since October to simplify the company's structure and geographic setup will yield $1.5 billion in annual cost savings by the end of 2026.

Elhedery's plan for a "simpler, more dynamic, and agile organisation" has shaken up Europe's largest bank, whose shares in Hong Kong have rallied to an 11-year high.

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