HSBC’s Massive Overhaul: Cost Cuts, Job Losses & Growth Plans

Dear Reader,

HSBC just shared a big plan that will cost $1.8 billion. This plan will change how the bank works in many ways. They want to save $1.5 billion every year by 2026. To do this, they will cut jobs, try to work better, and focus on places where they make the most money. Most of their money comes from Asia, so they will work more there.

Why is HSBC making these changes? Banks today have many problems. Some problems are between countries, and some are because of changes in interest rates. There are also new banks that only work online, so HSBC must change too. HSBC thinks that if they help people with their money, work on computer ways to bank, and do more in Asia, they will do better in the long run.

What does this mean for people who own part of HSBC? Even with these changes, HSBC still has a lot of money. In 2024, they made $32.3 billion before taxes, which is 6.6% more than before. They will also spend $2 billion to buy back some parts of the company that people own. This shows they believe they will do well in the future.

Some people who study banks think HSBC will make more money. But others think there might be problems if HSBC cuts too many jobs or if the world's money picture changes a lot.

Big banks are all trying to work better and make more money in a world that keeps changing. HSBC is trying to do this by working more in Asia and using computer ways to bank. We will see how this works out in the future.

HSBC's changes are part of a bigger picture. Many big banks are trying to work better. HSBC is trying to do more in Asia and use computer ways to bank. We will see how it all works out.

People who study banks think HSBC will make more money. But some worry that HSBC might have problems if they cut too many jobs or if the money in the world changes a lot. We will have to wait and see what happens.

Keep an eye out for more news.

Stay up to date,

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