LONDON May 15 HSBC said hitting its
profitability target this year will be a challenge as the
run-off of its U.S. loan book remains a drag, but it said it
would stick with its goal to get return on equity (RoE) over 12
"It will be a challenge to get there (this year)," HSBC
Chief Executive Stuart Gulliver said of the bank's RoE target.
"But there are two big run off businesses that distort the
number ... core HSBC is already in that target range," he told
reporters on a conference call.
Gulliver said the bank will shed up to 14,000 more jobs
under its plan to cut another $3 billion in annual costs, but no
specific country had been targeted. "These cuts will be spread
quite thinly around the world," Gulliver said.