Update: A renewed focus on its core strengths
Over the past three years HSBC estimates it has taken $6bn of costs from its expense base and disposed of/exited 74 businesses to focus on its core strengths in trade and capital flows. However, it expects increased regulatory capital requirements and has adjusted its ROE target accordingly, from 12%-15% to more than 10%. To achieve this new target further expense management will be required to offset the increasing burden of regulatory and compliance costs. Management’s target that 2018 operating costs will be no higher than the 2014 underlying figure of $38bn may be an aggressive ambition. Barring unforeseen circumstances, HSBC expects to continue to pursue its progressive dividend policy.HSBC Holdings is a financial services holding company. Through its subsidiaries, Co. operates four businesses: Retail Banking and Wealth Management, which serves customers through four businesses: Retail Banking, Wealth Management, Asset Management, and Insurance; Commercial Banking, which provides working capital, term loans, payment services, and international trade facilitation; Global Banking and Markets, which delivers a range of transaction banking, financing, advisory, capital markets, and risk management services; and Global Private Banking, which provides a range of private banking services. At Dec 31 2017, Co. had total assets of US$2.52 trillion and deposits of US$69.92 trillion.
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