HSBC's Overhaul Continues with Rising Severance Costs
HSBC's restructuring costs continue to escalate as CEO Georges Elhedery presses on with a radical overhaul of the bank, primarily focusing on severance costs.
The bank has spent hundreds of millions of dollars this year on the revamp, aiming to cull staff, close business units, and reinvest in high-growth areas.
- Total restructuring cost for the year: $800mn
- Additional $200mn spent in the third quarter
HSBC's profits declined 14% in the third quarter due to a provision for a lawsuit related to Bernard Madoff's Ponzi scheme.
"We are becoming a simple, more agile, focused bank, built on our core strengths." - Georges Elhedery
Author's summary: HSBC's overhaul continues with rising costs.
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