The chief executive of HSBC today reiterated the banking giant’s goal to capture an additional $1 billion in revenues in the short and medium term, above the $1 billion targeted a year ago, as it sees strong growth for referrals and cross-selling.
Stuart Gulliver, speaking at the bank’s annual general meeting in London, listed as one of HSBC’s priorities the goal of restructuring the private banking business, “focusing our offer on diversification and investment opportunities in fast-growing markets.”
Like many of its peers, HSBC has been contending with the conflicting pressures of rising client demands, tougher regulations and bank capital standards, as well as uncertain markets in the West and stronger economic growth in the East.
Managers will continue to “simplify” HSBC, leaving markets “where our presence doesn’t make strategic sense,” Gulliver said.
“We will continue to run off legacy assets, including our North American consumer and mortgage lending book,” Gulliver said.