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08

HSBC Targets Savings of as Much as $5 Billion; Selling Turkey and Brazil Units

By Tony Seruga

HSBC Holdings CEO Stuart Gulliver. Photographer: Jerome Favre/Bloomberg

HSBC Holdings Plc said it will target annual cost savings of as much as $5 billion by 2017 in a statement that drew criticism for being short on specifics.

Europe’s largest bank will aim for reductions of $4.5 billion to $5 billion and sell businesses in Turkey and Brazil, according to a statement on Tuesday. At the same time, achieving those savings may cost $4 billion to $5 billion over that period, the company said…

HSBC Targets Savings of as Much as $5 Billion; Selling Turkey and Brazil Units

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