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HSBC says getting bank in shape, euro zone a worry
LONDON |
LONDON (Reuters) - HSBC is making good progress on its turnaround plan and showing "significant traction" on factors it can control, although the euro zone crisis and increased regulation are creating stiff headwinds, its chief executive said on Thursday.
"We've made encouraging progress for getting the bank into shape. We've identified where we want to be in the future - first and foremost in our two home markets of the UK and Hong Kong - and 20 priority growth markets," CEO Stuart Gulliver told reporters on a conference call.
HSBC said it had made "material progress" and is on track to meet its target of getting return on equity above 12 percent and to cut costs by $3.5 billion a year.
(Reporting by Steve Slater; Editing by Mark Potter)
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